Bangkok: The government has unveiled its oil management plan and is set to instruct all retailers to freeze diesel prices amid escalating concerns about the Middle East situation and the temporary closure of the Strait of Hormuz. Prime Minister Anutin Charnvirakul, who also serves as the Minister of Interior, has directed the Ministry of Energy and other relevant agencies to closely monitor developments and provide regular updates to the public.

According to Thai News Agency, despite the current closure of the Strait of Hormuz, most oil and LNG tankers have already navigated through the area, ensuring the continuation of oil and gas deliveries to their destinations, including Thailand. This ensures that Thailand maintains sufficient oil and gas reserves while efforts are made to secure additional energy sources outside the Middle East in collaboration with the Ministry of Energy and PTT Public Company Limited.

In response to some foreign oil retailers announcing price hikes for diesel and gasoline, the Ministry of Energy has declared a temporary freeze on diesel prices for 7-10 days. The government plans to utilize the Fuel Oil Fund to compensate all oil retailers under Section 7, compelling foreign retailers to reduce diesel prices to below 30 baht per liter, aligning with the rates of PTT and Bangchak.

The government aims to expedite the use of Oil Fund resources to subsidize fuel prices, particularly diesel, in order to prevent increases in transportation costs and the overall cost of living. Criticisms regarding Thailand's oil reserves, currently at 61 days' worth, have been addressed by sources who argue that this is adequate given the nation's economic scale, consumption volume, and management capabilities. Expanding reserves beyond 60 days would necessitate additional management budgets and storage facilities, which are deemed unnecessary at this time.