Bangkok: Ekniti Nitithanprapha, the Deputy Prime Minister and Minister of Finance, has taken decisive action by convening the first meeting of the Comptroller General's Office (CGO) to tackle the pervasive oil price crisis. This meeting comes in response to growing concerns about the profitability of oil traders and refineries amidst the recent volatility in oil prices.

According to Thai News Agency, the Committee on Studying the Appropriateness of Fuel Price Determination (CMPD), led by Ekniti, has been tasked with addressing the structural issues in the oil price setup. The committee aims to find solutions to the systemic challenges posed by the fluctuating oil prices, which have been largely influenced by the ongoing conflict in the Middle East.

The CGO has been entrusted with the responsibility of examining and establishing appropriate criteria for various cost factors involved in the oil industry. This includes refining costs, marketing costs, transportation costs, and fuel storage expenses. Additionally, the CGO will focus on determining suitable criteria for calculating and setting wholesale prices at refineries and the prices charged to oil traders. The outcomes of this comprehensive study will be submitted to the Cabinet for further evaluation and action.