Bangkok:The Fuel Price Control Board (FPO) has announced an increase in fuel prices by 60 satang per liter, citing the ongoing conflict in the Middle East as a primary factor for the surge in global oil prices.
According to Thai News Agency, the National Oil Policy Committee (NOPC) has approved a price increase of 0.60 baht per liter for various fuels, including diesel B7, gasoline E10 95 and 91, and regular gasoline. This decision comes amidst increasing global oil prices influenced by geopolitical tensions.
The Fuel Fund Management Committee (FFMC) has also sanctioned this price hike, pointing to several factors such as Houthi attacks on Saudi Arabia's energy infrastructure and shipping lanes in the Persian Gulf. These disruptions have forced detours around Africa, escalating shipping costs and affecting oil imports in Singapore. Additionally, a significant drop in US crude oil stockpiles has contributed to the global price surge.
As a result, global oil prices rose notably on October 20, 2026, with diesel prices in Singapore reaching approximately US$178 per barrel and gasoline around US$136 per barrel. The Fuel Fund is now bearing a compensation burden of about 229 million baht per day, prompting necessary adjustments to ensure the stability of domestic energy prices.
Specifically, the subsidy for regular diesel (B7) has been increased to 2.41 baht per liter, setting the retail price at 43.54 baht per liter. For B20 diesel, the subsidy has risen to 7.63 baht per liter, with the retail price remaining unchanged. In the gasoline sector, the tax on gasoline has been reduced, affecting the retail prices of various gasohol fuels. These adjustments are set to take effect from October 21, 2026.
In light of the volatile global oil price situation, the Fuel Fund has urged the public to use fuel efficiently, emphasizing that small changes in consumption behavior can reduce expenses and support the country's crude oil import reduction efforts.