Bangkok: Energy Minister Attaphol has ordered a freeze on diesel prices in response to the volatile global oil market situation precipitated by the US-Iran crisis. He convened an emergency meeting with the Fuel Oil Policy Board to stabilize prices and alleviate the economic impact on Thailand, opting to subsidize diesel by 30 satang per liter through the Fuel Oil Fund.

According to Thai News Agency, Energy Minister Attapol Rerkpiboon, who also chairs the Fuel Fund Management Committee, called the urgent meeting amid escalating tensions between the United States and Iran. With the potential for US military action against Iran following President Donald Trump's directive to increase the military presence in the Middle East, there are concerns about further volatility and price hikes in global crude oil markets.

To mitigate domestic impacts during Thailand's economic recovery, the National Fuel Fund Committee reduced the levy on diesel fuel by 45 satang per liter, replacing it with a 30 satang per liter subsidy. This move is intended to keep diesel retail prices stable at around 30 baht per liter, despite the subsidy leading to a daily revenue decrease of 29.52 million baht. Nonetheless, the Fuel Fund's balance remains positive, capable of absorbing the reduction.

The Ministry of Energy is actively monitoring the US-Iran situation, which has led to a $3 per barrel increase in Dubai crude oil prices, potentially impacting the recovering Thai economy. By deploying the Oil Fund mechanism, the government aims to prevent diesel price hikes, ensuring stable transportation and industrial costs. The objective is to safeguard the public's cost of living and the country's economic growth, with the government prepared to use all available measures to maintain energy stability.

As of February 15, 2026, the Oil Fund holds a positive balance of 1,772 million baht, comprising a positive oil account of 39,951 million baht and a negative LPG account of 38,179 million baht. The adjustment in contributions to the Oil Fund for diesel will decrease revenue to approximately 29.52 million baht per day, compared to the previous revenue of about 10.80 million baht per day, while expenses will drop to approximately 18.72 million baht per day.