Bangkok: Thai oil prices remain unchanged even though Singapore oil prices fell due to positive developments in peace talks between the United States and Iran. The decision to maintain retail oil prices at Thai gas stations comes in the wake of the Oil Fund Management Committee's (OFMCC) move to increase collections into the Oil Fund, aiming to address a significant deficit of approximately 60 billion baht.

According to Thai News Agency, the Fuel Fund Management Committee (FFMC), chaired by the Minister of Energy, convened today and announced adjustments to the Fuel Fund regulations, effective from April 15, 2026. The committee has decided to reduce subsidy rates for diesel fuels: B7 from 7.85 baht per liter to 5.89 baht per liter, and B20 from 13.19 baht to 11.67 baht. However, subsidy rates for gasoline products remain unchanged.

Despite the decrease in diesel subsidies, the prices at Thai gas stations have not decreased. This situation arises even as the reference prices in Singapore have seen a decline. The Oil and Gas Policy Committee (OEPPC) is focused on reducing subsidies to ease the financial strain on the Oil Fund, which is already burdened with a deficit exceeding 60 billion baht. This deficit stems from subsidies on diesel and LPG, exacerbated by ongoing conflicts in the Middle East that are causing fluctuations in global oil prices.

On the Singapore market, as of April 14, 2026, the closing prices were as follows: gasoline (ULG95) closed at US$128.99 per barrel, decreasing by US$6.94; diesel closed at US$191.77 per barrel, down by US$11.47; and Dubai crude oil closed at US$103.15 per barrel, a decrease of US$3.35.

The drop in Singapore's oil prices is attributed to international news reports suggesting forthcoming face-to-face talks between Iran and the United States. These discussions, potentially starting as early as Thursday, aim to reach an agreement to end a six-week-long conflict before the ceasefire deadline on April 21st.