The escalating geopolitical conflict in the Middle East from late February to March 2026 has severely shaken the global energy market.
However, the government utilized the Oil Fuel Fund mechanism to cap retail pump prices to ease the public's living costs.
This situation of "rising costs but fixed pump prices" became a critical test for the gas station and refinery sectors during the first quarter of 2026.
Thairath Money takes a deep dive into the Q1/2026 financial statements of three major gas station giants on the Thai stock market—OR, PTG, and BCP—to see who survived and who faltered amid this crisis.
PTT Oil and Retail Business Public Company Limited (OR) reported sales and service revenue of 176,125 million baht, a 3.5% decrease compared to the same period last year. Net profit was 2,415 million baht, down 44.9% year-on-year.
The main pressure came from the Mobility business (fuel retail), where gross profit per liter declined, especially for diesel and gasoline, due to price control measures that prevented the company from adjusting pump prices to reflect true costs.
Despite lower profits, OR's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 9.5% year-on-year to 7,100 million baht.
Fuel sales volume through retail channels grew strongly by 17.9% compared to the same period last year, reaching 2,989 million liters.
Lifestyle business star Cafe Amazon recorded sales exceeding 112 million cups, up 7.7% year-on-year, driven by branch expansion and promotional activities.
PTG Energy Public Company Limited (PTG) reported sales and service revenue of 56,832 million baht, down 1.0% year-on-year, due to reduced oil business revenue following lower average retail fuel prices at service stations.
Net profit attributable to the parent company swung to a loss of 205 million baht, a 208.1% decrease from the same period last year. This was mainly due to a 15.9% drop in gross profit from the oil business year-on-year, with gross profit per liter plunging 20.1% compared to the previous year.
This was driven by rapid increases in refinery feedstock costs following global market prices, but retail prices could not be adjusted promptly due to management by the Oil Fund. Additionally, selling and administrative expenses rose 19.4% due to expansion in the Non-Oil business.
However, total fuel sales volume across all channels increased 5.2% year-on-year to 1,753 million liters, reflecting accelerated fuel demand.
The Non-Oil business generated 6,520 million baht in revenue, up 22.1% from the same period last year. The highlight was the "Punthai coffee shop," whose revenue surged 84.1%, with branch expansion accelerating 56.4% to 2,308 outlets nationwide.
Bangchak Corporation Public Company Limited (BCP) reported total sales and service revenue of 142,528 million baht, a 6% increase compared to the same period last year, supported by the refining business with oil prices rising in line with global markets and marketing business sales hitting record highs.
Net profit attributable to the parent company reached 6,144 million baht, soaring more than 190%, making it the "most resilient and thriving" stock in the group. This was mainly due to the refining business achieving a record-high average production capacity of 279,800 barrels per day.
Additionally, the base gross refining margin (GRM) soared to 18.57 US dollars per barrel, up 14.59 dollars from the previous year, benefiting from soaring jet fuel and diesel price differentials amid tight supply.
BCP also recorded an inventory gain of 8,299 million baht, which fully offset losses from derivative instruments.
Meanwhile, the group's marketing business fuel sales volume hit a record high of 3,700 million liters, growing 6% from the previous year. However, net marketing margin was squeezed by price control measures, dropping 11% year-on-year to just 0.73 baht per liter.
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