Bangkok: The spokesperson for the Economic and Social Council has expressed regret over the late-night fuel price increase, following a decision deemed necessary by the government.
According to Thai News Agency, the newly appointed spokesperson for the Oil Price Control Center, “Natta,” addressed the media on the fluctuations in Thai oil prices. She clarified that the recent price changes, which occurred twice consecutively at midnight, were essential due to the government’s lack of full authority to extend loan funds to support the Oil Fund. The Deputy Permanent Secretary of Energy hinted at possible upgrades to measures similar to those in South Korea.
The Center for Monitoring and Managing the Conflict in the Middle East (CMCMA) provided updates on the ongoing conflict situation. Ms. Nattha Mahatthana, CMC spokesperson, led the briefing, alongside Mr. Panidol Patchimsawat, Acting Director-General of the Department of Information, who addressed questions on energy and foreign policy. Mr. Veerapat Kiattifuengfu from the Ministry of Energy discussed the use of B20 diesel and crude oil procurement strategies, while Mr. Pornchai Chirakulpaisan from the Fuel Fund Office provided insights into the oil price situation.
Today marked the introduction of a new format for press briefings, initiated by Ms. Natta following her appointment by the Prime Minister. This change was inspired by the Prime Minister’s recent call for Thailand to “persevere” through ongoing crises. The emphasis is on transparent, truthful communication, prioritizing vulnerable groups across the nation.
The Middle East conflict, particularly in the Strait of Hormuz and Bab el-Mandeb Strait, poses significant risks to oil supply routes, necessitating a coordinated response from Thailand’s Ministry of Foreign Affairs and Ministry of Energy. The Ministry of Energy has outlined three potential scenarios for oil supply disruptions, with Thailand currently at Level 2, indicating a high risk of escalation.
To mitigate the impact, Thailand is sourcing oil from alternative suppliers and increasing refinery production capacity. The Ministry of Energy is also considering measures like biofuel blending and promoting work-from-home policies. In the event of a Level 3 scenario, which would see a complete stoppage of Middle Eastern oil imports, additional measures like rationing and restricting electricity use may be implemented.
Ms. Natta noted that advance announcements of fuel price increases are not feasible as they could lead to panic buying, resulting in shortages. She also addressed public concerns about fluctuating prices affecting low-income individuals, emphasizing the need for ongoing monitoring of global and regional markets.
The current deficit in the Oil Fund remains unpredictable, and while there is no set target for fuel price increases, the government is exploring other tools to manage the situation, pending Cabinet approval.
Ms. Natta conveyed regret for any public inconvenience caused, highlighting the urgency of the measures in light of the Middle Eastern crisis, which limits governmental powers. She stressed the importance of immediate action to stabilize the situation.
The Ministry of Commerce will oversee the enforcement of price controls and respond to public complaints. Meanwhile, Commerce Minister Supajee Suthamphan will launch the “Thai Helps Thai” initiative, engaging the private sector in providing consumer discounts.
Public queries regarding government policies on public transportation subsidies and other related concerns will be forwarded to appropriate agencies for consideration.