For users of internal combustion engine vehicles at this time, it is very necessary to monitor the daily situation because government pricing policies may change depending on the liquidity of the oil fund. Currently (March 2026), oil prices are experiencing the most severe volatility in several years, mainly due to escalating tensions in the Middle East. Iran's justified retaliatory actions as an invaded party are widely impacting both global market prices and retail prices in Thailand.
Global oil prices are trending upward, and as long as the fighting continues, this uptrend may last 1-3 more months. The government is trying to address the issue but cannot stop fuel station hoarding. Overall, in the short term, crude oil prices at the end of March 2026 have risen significantly. Brent Crude has surpassed $103 - $112 per barrel, WTI is trading around $91 - $98 per barrel. Analysts from institutions like Kasikorn Research Center and EIR predict that if conflicts and oil transport route closures (such as the Strait of Hormuz) persist, prices may stay above $100 per barrel for at least another 1-3 months. However, EIA and J.P. Morgan forecast that in the second half of 2026, if Non-OPEC production increases and tensions ease, prices could gradually fall to $70 - $80 per barrel by year-end.
Looking at oil prices in Thailand, they continue to rise. The situation is tight due to the oil fund's accumulated deficit. The latest decision on 26 March 2026 by the Energy Policy Administration Committee (EPAC) is to raise all oil prices by 6 baht per liter to reduce the fund's deficit of over 35 billion baht. This has pushed retail prices (in Bangkok) up to the ceiling: diesel is around 32.94 - 33.00 baht per liter (marking a reduction in price controls), Gasohol 95 about 35.05 baht per liter, and gasoline 95 around 43.64 baht per liter.
Comparison of cost per kilometer (baht/km).
Assuming fuel vehicles average 15 km per liter and EVs consume 6 km per unit (16.6 kWh per 100 km).
Fuel vehicle group (ICE).
Diesel: approximately 2.60 baht per km.
Gasohol 95: approximately 2.74 baht per km.
Gasohol E20: approximately 2.40 baht per km.
Electric vehicle group (EV).
Home charging (Off-Peak): approximately 0.49 baht per km.
Public charging stations (DC): approximately 1.25 - 1.58 baht per km.
Current cost-effectiveness.
EVs remain clearly more economical. Despite rising oil prices, the average running cost of EVs is still about 2-5 times lower than fuel vehicles, depending on charging habits.
Electricity cost turning point: there are reports that public charging fees may rise to 11 baht per unit to reflect true costs. If this happens, EV operating costs could rise to 1.83 baht per km, approaching those of highly fuel-efficient hybrids (around 23-25 km per liter).
Hidden costs to watch: although EV charging costs are lower than fuel vehicles, long-term considerations include EV insurance premiums that are about 20-30% higher and tire costs, as EV tires often wear faster due to higher torque and vehicle weight.
If you prioritize economy and can charge at home, EVs remain the clear winner in cost savings and energy costs. However, if relying solely on public charging without a home WallBox, the cost difference narrows compared to newer hybrid models currently on the market.