Amid the global oil price crisis triggered by escalating tensions in the Middle East, which has caused continuous domestic oil price increases, PTG Energy Public Company Limited (PTG), owner of the PT fuel station brand, has become a company closely watched both in business circles and society.
From an investment perspective, securities analysts expect PTG's 2026 performance to grow well, with plans to maintain oil reserves to handle volatility through May 2026, despite ongoing short-term fluctuations that require monitoring.
The crisis of escalating tensions in the Middle East, especially the worsening conflict between the U.S. and Iran, has raised serious concerns over energy transportation routes through the Strait of Hormuz.
This situation has directly pushed global crude oil prices higher, forcing Thailand’s Fuel Fund Management Committee to announce retail oil price increases domestically, amid the fuel fund's deficit reaching 42.148 billion baht as of 29 March 2026.
Reviewing retail oil price adjustments from 10 March to 2 April 2026, seven price hikes were declared, inevitably impacting the cost of living for the public.
Diesel prices rose by a total of 14.30 baht per liter, while gasoline and Gasohol 91, 95 increased by 12.70 baht per liter. E20 rose 9.91 baht per liter, and E85 increased by 8.70 baht per liter.
Meanwhile, there has been heavy public criticism over potential conflicts of interest involving Phiphat Ratchakitprakarn's political position and his family's oil business connections with PTG.
However, Phiphat denied all allegations, affirming he resigned from all company positions over 20 years ago and does not interfere in management. He encouraged society to "review PTG’s profit figures" to prove there is no government policy favoritism.
PTG’s net profits over the past five years (2021–2025) have remained stable with fluctuations following the energy business cycle, detailed as follows.
Looking ahead to 2026, most securities analysts hold a positive outlook on significant profit growth despite short-term pressures from volatile oil market margins.
Analysts from Krungsri Securities Public Company Limited stated after a Conference Call with PTG management that the company’s strength lies in sourcing oil through its refinery network within the PTT group, especially Thai Oil, accounting for over 70%.
This enables PTG to continuously manage oil supply and meet growing demand despite volatility from the Middle East conflict. The company maintains stock and sourcing sufficient to support sales through May 2026.
They forecast a net profit of around 1.6 billion baht in 2026, a 56.63% growth from last year's 1.02 billion baht, driven mainly by a 3-5% increase in oil sales volume alongside ongoing expansion in Non-oil business, especially the Thai Coffee outlets aiming to reach 800 branches by 2026.
Additionally, PTG efficiently manages costs, partly offsetting impacts from fluctuating oil input prices, though short-term pressures remain from below-normal oil market margins.
They maintain a "Buy" recommendation with a target price of 11.50 baht.
Similarly, Yuanta Securities (Thailand) Public Company Limited shares a positive outlook, expecting PTG’s net profit this year at 1.275 billion baht, a 24.88% increase from the prior year, supported by a more diversified business structure and growth in the Non-oil segment that mitigates oil business volatility.
However, risks from oil market margins and government policies affecting short-term recovery remain, while the overall medium- to long-term growth view remains positive due to station network expansion and lifestyle business ventures with higher margins.
They maintain a "Speculative Buy" recommendation with a target price of 10.00 baht.
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