The Energy Permanent Secretary is intensifying investigations into individuals hoarding oil, warning of prosecution under the strictest laws. He also revealed readiness to propose a loan of hundreds of billions to the new government.
At 09:40 on 17 Mar 2026 GMT+7 at the Government House, Mr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy, spoke before the Cabinet meeting about clarifying oil price caps. He said the Cabinet meeting must decide. When asked about measures if the situation persists, he said increasing biofuel blending might be necessary, which requires Cabinet approval. Simultaneously, energy conservation must be emphasized, including work-from-home policies, with cooperation requested from private sectors and government agencies to save fuel and avoid worsening conditions.
When asked about securing oil reserves, Mr. Prasert said that PTT and refineries can continuously procure supplies. Energy Business Department figures show an increase from 90 days to 95 days, reflecting improved procurement. Additionally, foreign countries have been sending supplies to Thailand.
Asked about the government’s assurance of sufficient oil while gas stations display signs stating "Out of fuel" Mr. Prasert said the main issue lies with transportation and management. The increase in people refueling reflects delays in oil distribution. Cooperation is needed from related agencies, including local authorities, transport, the Ministry of Transport, and Bangkok Metropolitan Administration, to relax transportation time restrictions, as trucks sometimes can only operate at night. Discussions will be held in the Cabinet. He acknowledged possible unclear communication from himself, his team, or PTT may have caused public uncertainty, leading to panic buying. He affirmed that distribution is operating at 100% capacity, 24/7, with continuous oil supply. Energy Business Department inspections at storage facilities found legal reserve amounts intact, but during distribution, the previously sufficient number of trucks became insufficient, causing shortages. He has instructed transport to increase truck numbers and maximize pipeline transport to reach the public efficiently.
Asked about hoarding, the Permanent Secretary said existing laws would be enforced strictly because such behavior makes distribution inadequate. Investigations will determine if hoarding is by businesses or consumers; anyone hoarding is breaking the law since oil is a controlled product. Selling at inflated prices is illegal and dangerous. If caught, offenders will be made examples of, with the highest legal penalties applied.
When asked how long the oil fund can support price subsidies, Mr. Prasert said the fund is currently over 10 billion baht in deficit but had been as high as 100 billion baht previously. A loan may be taken, possibly accompanied by excise taxes. He believes the government will act and will not allow prices to rise in line with global markets.
Asked if the loan would require a royal decree, Mr. Prasert said it is under consideration, but preparations are complete. If a loan can be obtained without collateral, a decree may not be necessary. However, it seems likely. The loan amount is expected to be about 100 billion baht, requiring Cabinet discussion and approval, followed by parliamentary consideration. This process must wait for the new government.