“Oil Fuel Fund” clarifies sudden 6-Baht midnight fuel price hike

Today (March, 26 2026) At the Monitoring Center for the Situation in the Middle East, Mr. Pornchai Jirakulpaisarn, Director of   Oil Fund Management Committee (OFMCC) held a press conference following the fuel price rise of 6 Baht/Liter. He pointed out that the crisis in the Middle East had caused the price of oil to soar from 198 dollars per barrel to 242 dollars per barrel. The Oil Fund has a deficit of more than 35 billion baht. Despite several potential accords, there is no indication that the ongoing disturbance will cease. As a result, oil prices have increased globally, affecting retail prices across the country, especially in Thailand. Due to daily outflows of about 2 billion baht, the Oil Fund is currently experiencing a liquidity shortage of over 35 billion baht.

"Our prices aren't higher, but neighboring countries like Malaysia have also seen price increases," Mr. Pornchai stated.

He is going to say that the Oil Fund Management Committee (OFMCC) thought about changing oil pricing for all these reasons. This will promote the public's access to reasonable pricing while enabling the Oil Fund to subsidize certain fuels, especially diesel and gasoline E20 and E20.

He advised people to save fuel and reassured the public that the Fund will ensure adequate retail pricing stability domestically. He believes that this decrease in taxes will decrease the effects of possibly rising oil prices worldwide.

When reporters inquired about the recent 6 baht oil price hike, the Secretary-General of the National Economic and Social Development Council (NESDC). He affirmed that the price rise would be gradual, but questioned how the 6 baht increase without public notice would be justified. He noted that the global situation has resulted in increased fuel prices in all countries, including Thailand, which has a Fuel Fund to sustain fuel prices. However, higher prices have raised the fund's expenses and caused a liquidity constraint, necessitating the 6 baht increase to keep the fund stable. He highlighted that the Fuel Fund Committee analyzes all factors, including oil prices, neighboring nations, and the general public. However, he emphasized that the committee cannot guarantee a lump-sum price hike; continuous monitoring is required. As a result, choices must be made rapidly to keep the situation from worsening and to maintain public stability and confidence.

When asked why the price rise had been made public late at night and whether there was gasoline stockpiling in anticipation of increased prices, Mr. Pornchai answered that worldwide oil prices in Singapore close at 7:00 PM, and prices for each type of fuel are gradually released. He noted that the Fund must prepare the price structure in baht, which typically takes until around 8:00 PM. The committee convened about 9:00 p.m. yesterday. He explained that they were merely waiting for all aspects to be addressed. To ensure clear pricing, he explained. Regarding oil hoarding, Mr. Pornchai stated that there was none and that dealers were unaware of the fund's operations.He even asserted that he followed the predefined scenarios for each difficulty; no one understood the specifics, he guaranteed.

Photo : Weeraphat Ratsameerueangrong