Bangkok: Ekaniti Nitithanprapas, the Deputy Prime Minister and Minister of Finance, plans to propose a special cabinet meeting to invoke the 1973 Oil Shortage Prevention Act. This move aims to address the pressing issue of fuel shortages without waiting for a formal policy announcement. The proposal includes reassessing refining margins and reducing oil prices to alleviate public burden.

According to Thai News Agency, Ekniti shared findings from the Committee on Price Costs (CCTR), which will be presented to the Cabinet. He highlighted that past refining margins were affected by a premium linked to war costs, resulting in elevated global diesel prices. The scarcity of crude oil also played a role in this premium. The focus is now on determining the actual cost and selling price of refining margins to calculate surplus profits for public benefit. Ekniti clarified that they are avoiding price ceilings due to the volatility in oil prices and the risk of shortages. Instead, they are assessing the real costs and prices of each refinery.

The methodology involves analyzing past data from March 2026, where refining margins with excess profits rose due to higher global diesel prices. This data will be used in today's Cabinet meeting. The approach, similar to during the Russia-Ukraine war, involves a Cabinet resolution urging refineries to transfer excess profits to the Oil Fund, which will then be used to provide relief at gas stations.

In April, global diesel prices have surged again, leading to an increase in excess refining margins. A formula has been established to calculate this increase, which will be shared with the public. The proposal leverages the 1973 Royal Decree, empowering the Prime Minister to authorize the Energy Policy Administration Committee to set ex-factory refining prices. The new Minister of Energy is scheduled to hold a meeting tomorrow.