Bangkok: Thailand's special cabinet on Monday authorized urgent negotiations with oil refiners to reclaim "excess profits" and vowed to restructure energy prices to pull the country out of an intensifying energy crisis. Prime Minister Anutin Charnvirakul, leading the newly sworn-in cabinet, pledged to mitigate the impact of Middle East conflicts that have driven up fuel costs and petro-chemical shortages. He warned that despite efforts to secure supply, sourcing oil and gas remains difficult, requiring citizens to adjust their lifestyles.

According to Thai News Agency, the government announced three primary measures to combat the crisis, including cutting state spending to prioritize public relief and restructuring electricity and oil price models to lower costs immediately. Additionally, the administration plans to launch low-interest loans for farmers and SMEs alongside stimulus programs such as "Kon La Khrueng Plus."

Energy Minister Akanat Promphan said he has summoned the Committee on Energy Policy Administration (CEPO) for an urgent meeting on Tuesday. The move aims to address refinery margins that have surged from an average of 2-3 baht per liter to as high as 16-17 baht in April. "The margins are unrealistically high," Akanat said. He noted that the government will seek to recover "excess profits" either through negotiations or by invoking the 1973 Emergency Decree to mandate factory-gate price caps if talks fail.

Deputy Transport Minister Siripong Angkasakulkiat confirmed the cabinet acknowledged the existence of these surplus margins and has tasked a new committee, led by the Energy Permanent Secretary, to finalize the method of compensation, which could include cash returns or oil stocks.