Phiphat reveals Thailand is preparing to negotiate crude oil purchases from Russia to replace Middle Eastern sources on 16 March, clarifying how much diesel prices will change.
At 12:00 on 13 March 2026 at the Government House, Phiphat Ratchakitprakarn, Deputy Prime Minister and Minister of Transport, held a press conference regarding the current conflict in the Middle East affecting oil prices, and the situation of the Thai-flagged cargo ship Mayurinaris, which was attacked 2-3 days ago. Of the 23 Thai crew members, 20 are safe and have been taken to the city of Kasab to return to Thailand.
Regarding refining costs, they have risen by 6 baht. He confirmed, following the Prime Minister's directive, that diesel prices will be fixed until 16 March 2026. After this, relevant agencies will meet to consider how diesel prices might change once the 15-day price freeze ends. A clear announcement on diesel prices and service station price adjustments will be made on 16 March. Additionally, industrial fuel, usually purchased wholesale through jobbers or their parent companies such as PTT, Bangchak, and Caltex, serves industrial and agricultural customers. The government will discuss next steps regarding these sectors.
Gasoline prices will be adjusted weekly, reflecting ongoing crude oil price increases. He confirmed that crude oil reserves, previously explained as sufficient for 92 days, have now been extended to 98 days. The government is confident it can procure crude oil to replace 50% of supplies from the Persian Gulf via the Strait of Hormuz.
Furthermore, there is good news that the United States has ended its boycott of crude oil purchases from Russia. Thai authorities will negotiate to buy crude oil from Russia. The Prime Minister and Ministry of Energy are working to secure crude oil to compensate for shortfalls from the Persian Gulf. The government confirms crude oil reserves will last 98 days. Regarding diesel, currently blended with 7% biodiesel, there may be plans to increase this to 10% or even 20%, as was previously announced.
For trucks, all brands can use these blends; B10 is believed suitable for smaller vehicles, especially pickups. The public can rest assured that the government has secured energy supplies to avoid shortages. As for pricing mechanisms, the government will gradually allow market-driven price adjustments due to the war situation. Currently, global crude oil prices are around 90-100 U.S. dollars per barrel.