Bangkok: Mr. Atthawich Suwannabhakdi, the second-ranked prime ministerial candidate and deputy leader of the Ruam Thai Sang Chart Party (RTSPC), has proposed that Thailand abolish its Oil Fund and instead adopt a "reserve oil storage" model in response to concerns over volatile global oil markets. Attawich expressed particular concern about a potential increase in oil prices following U.S. President Donald Trump's military actions in Venezuela, which could have significant repercussions as Venezuela is the only OPEC member in the Americas.

According to Thai News Agency, Attawich criticized the cycle of conflict and economic gain for oil capitalists, highlighting the need for Thailand to implement a National Oil Reserve System. This proposed system would allow reserves to be injected into the market when oil prices rise, aiming to reduce retail prices for consumers. The current Oil Fund model, according to Attawich, adds unnecessary financial burdens on citizens due to compounded taxes and inflated retail prices.

Attawich detailed the party's energy policies, promising to eliminate the Oil Fund and establish a national oil reserve system should the party form a government and control the Ministry of Energy. This would involve a royal decree, removing overlapping VAT collections, and shifting from Singapore's hypothetical pricing model to actual refinery costs. Attawich noted that Mr. Peerapan Salirathavipak, during his tenure as Minister of Energy, implemented successful subsidiary legislation for determining true refining costs, which could help achieve a target price of 25 baht per liter for gasoline and diesel.

Furthermore, Attawich announced that Mr. Peerapan Salirathavipak, party leader, will lead Bangkok's 33 parliamentary candidates in an anti-corruption pledge with the Anti-Corruption Organization (Thailand). This pledge symbolizes the party's commitment to beginning their political careers with integrity and continuing decisive anti-corruption policies.