PTG Energy, a SET-listed oil trader under the PT brand, has dismissed speculation that it was hoarding fuel for profit, adding it has no plans to pursue legal action against those spreading the accusations.
The controversy stems from claims that the company stockpiled diesel during a government price cap of 29.94 baht per litre, later selling it at higher prices.
Critics alleged the move benefited Transport Minister Phiphat Ratchakitprakarn's family, as he is related to PTG president and chief executive Pitak Ratchakitprakarn.
Rangsun Puangprang, chief financial and sustainability officer at PTG, said filing lawsuits would only "admit to being used as a political tool".
Instead, the company intends to strengthen public understanding of its adherence to good governance standards set by the Stock Exchange of Thailand (SET).
Mr Phiphat, who previously held 20 million PTG shares but reduced his stake to 1 million after entering politics, has denied any wrongdoing.
He insisted he never shared confidential information from the Center for Monitoring and Managing the Conflict in the Middle East, where he serves as director, with his family.
PTG noted its business and investment plans announced on March 12 remain unchanged.
The company is preparing for a surge in fuel demand during the upcoming Songkran festival, when nationwide travel typically spikes.
"We will revise our plans only after conflicts in the Middle East ease and signals affecting purchasing power emerge," Mr Rangsun said, adding the firm is focused on maximising cash reserves during the peak driving season.
Beyond fuel, PTG is expanding its customer loyalty programme.
The company's Max Card has more than 25 million members across 13 affiliated brands, offering discounts on fuel and products such as coffee at Pun Thai outlets.
With 6,126 touchpoints nationwide, PTG aims to grow that number to more than 7,000 by year-end.
The company earmarked 3.5-4.5 billion baht in investment this year to support oil, non-oil and new business ventures.
