Bangkok: Global energy crisis takes its toll as Thai oil prices surge 30%; energy ministry orders strict stock control and cracks down on hoarding in Saraburi and Ayutthaya. Mr. Veerapat Kiattifuengfu, Deputy Permanent Secretary of the Ministry of Energy, revealed figures on the extremely volatile global oil price situation, following tensions in the Middle East that pushed Dubai crude oil prices to $120 per barrel. This resulted in higher retail prices in Thailand, with diesel rising to 38.90 baht per liter (a 30% increase) and Gasohol 95 reaching 47.05 baht per liter (a 34% increase). However, compared to neighboring countries like Laos and Vietnam, where prices surged by over 100%, Thailand has consistently managed its price structure through the Fuel Fund, controlling the average marketing margin in March at 2 baht per unit to mitigate the impact on the transportation sector and the public.
According to Thai News Agency, the Ministry of Energy has intensified its measures regarding the regulation of fuel reserves, ordering oil retailers to report daily stock levels no later than 6:00 PM. Teams have been deployed to crack down on illegal fuel hoarding, and several violations have been discovered in Saraburi and Ayutthaya provinces, with legal action being expedited. The ministry is preparing to promote alternative fuel options by offering B20 biodiesel, with a price difference of 5 baht per liter compared to regular diesel, to reduce logistics energy costs. This initiative is expected to see nationwide distribution points begin in early April.
The Ministry of Commerce is conducting sweeping inspections of over 3,400 stores nationwide to combat price gouging of consumer goods, initially finding 25 offenders, mostly for failing to clearly display prices. The ministry is also preparing to launch the "Thai Helps Thai" project on April 1st, offering discounts of up to 50% on over 1,000 items and expanding Blue Flag sales points across the country. Furthermore, it is accelerating assistance to the agricultural sector through the "Green Flag Plus Fertilizer" project to alleviate production costs.