The Energy Ministry's permanent secretary, Prasert Sinsukprasert, has described the current energy situation as one of the most severe crises in Thailand's history.
Diesel prices on the global market have surged from a typical level of US$92 (2,997 baht) to more than $250 per barrel. This spike far exceeds the peak during the Russia-Ukraine war, when it got to around $150.
"This crisis is among the most severe in history, and all sectors must cooperate -- government, private sector, refineries, fuel distributors, service operators, and the public," Mr Prasert said.
"The Ministry of Energy is making every effort to find a balance to protect the public interest, particularly by drawing on excess profits, or windfall gains, to ease the burden."
The rapid increase has left the Oil Fuel Fund facing a deficit approaching 50 billion baht. A loan facility of 150 billion baht can sustain the fund for roughly another two months.
On fuel prices, Mr Prasert said "we must balance global market rates, the fund's financial position, and the impact on Thai citizens".
Recent consecutive increases in domestic fuel prices were intended to maintain the fund's liquidity and prevent abrupt spikes that could encourage hoarding or illegal exports.
The fund continues to subsidise liquefied petroleum gas (LPG) by about 30 million baht per day.
Regarding refinery pricing structures and processing costs, Mr Prasert said refineries must accept the associated risks. Refining fees are not net profits but cover fixed costs such as utilities and labour.
But the recent surge in war premiums has led to excess profits. The Energy Policy and Planning Office has moved to adopt a five-year average refining fee of 2.43 baht per litre.
