Phiphat Ratchakitprakarn chaired the Cabinet meeting on behalf of the Prime Minister, with 11 ministers absent. He acknowledged that diesel prices will rise by a few satang tomorrow, but will be capped at no more than 33 baht per liter. He expedited adjustments to the B20 fuel formula for distribution to the transport and agricultural sectors. He noted that the oil fund is in a 12 billion baht deficit, awaiting guarantee approval from the new government. If not ready in time, a special case will be proposed to the Election Commission (EC).
On 17 March 2026 at 10:00 a.m. at the Government House, Anutin Charnvirakul, Deputy Prime Minister and Minister of Interior, assigned Phiphat Ratchakitprakarn, Deputy Prime Minister and Minister of Transport, to chair the Cabinet meeting since the Prime Minister was serving as an honorary minister during the official royal visit of His Majesty the King and Her Majesty the Queen to the Lao People's Democratic Republic from 16 to 18 March 2026. On the same day, 11 ministers were absent from the meeting, including 1) Anutin Charnvirakul, 2) Lt. Col. Thamanat Prompow, Deputy Prime Minister and Minister of Agriculture and Cooperatives, 3) Gen. Natthaphon Nakpanit, Minister of Defence, 4) Sihasak Puangketkaew, Minister of Foreign Affairs, 5) Atthakorn Sirilattayakorn, Minister of Agriculture and Cooperatives, 6) Chaiyachon Chidchob, Minister of Digital Economy and Society, 7) Akara Prompow, Minister of Social Development and Human Security, 8) Sabida Thaiset, Minister of Culture, 9) Treenuch Thienthong, Minister of Labour, 10) Amin Mayuso, Deputy Minister of Agriculture and Cooperatives, and 11) Ong-art Wongprayu, Deputy Minister of Education.
Later, Phiphat explained that the Prime Minister had invited related agencies to discuss the current situation, urging the Ministry of Energy to confirm that there is still sufficient oil supply. This was in response to the observation of gas stations opening and closing. The Ministry of Energy and PTT Public Company Limited confirmed that as of 16 March 2026, there is a 96-day supply of oil reserves. The main problem at some stations is transport delays. Stations managed by major brands such as Shell, PTT, Susco, Bangchak, and Caltex—about 10,000 stations—are operating normally. However, approximately 23,000 unbranded stations, including small village pumps, are out of oil. Many vehicles have flocked to the branded stations, overwhelming supply logistics, particularly the transport of oil from depots. This has led to temporary closures or shortages of certain fuel types at some stations. The Cabinet will discuss measures to address this problem in an upcoming meeting.
When asked about diesel price controls, Phiphat said a meeting would be held this evening. He confirmed that prices for both gasoline and diesel will rise tomorrow. Gasoline prices have already increased over the past one to two weeks, while diesel prices will start to rise tomorrow morning. However, the increase will be only by a few satang, less than one baht per liter, and the price will be capped at 33 baht per liter. Final decisions will be made at the meeting this evening (17 March).
Phiphat added that since Anutin took office four months ago, diesel prices have dropped to 32 baht per liter. Previously, prices reached as high as 34.94 baht. Under the administrations of Ms. Paethongtarn Shinawatra and former Prime Minister Srettha Thavisin, prices also dropped from 35 baht per liter. From now on, prices will gradually increase.
Secondly, fuel formulas will be adjusted. Gasoline formulas have already been revised to E10, E20, and E85, showing price differentiation. Diesel blending formulas will follow a similar pattern, requiring adjustments and incremental price increases. Initially, B20 will be supplied to industry, transport, and agriculture sectors. Preliminary estimates suggest B20 will cost 4-5 baht less than B7, though this is not yet finalized and will be discussed further in the evening meeting.
The oil fund is in a 12 billion baht deficit, awaiting the new government. Guarantee matters. Compensation for the oil fund.
Phiphat continued that the oil fund currently has a deficit exceeding 12 billion baht. At a meeting chaired by the Prime Minister on 16 March, it was discussed that the oil fund’s deficit cannot exceed 40 billion baht. Solutions are needed, but full guarantees from the Ministry of Finance require the new government to have full authority and present its policy to Parliament. Discussions with Krungthai Bank and Government Savings Bank suggest loans of around 40 billion baht may be feasible. For amounts exceeding this, the Ministry of Finance must guarantee. Historically, the fund’s highest deficit was approximately 120 billion baht, which must follow procedural steps. Meanwhile, the fund is responsible, but if the new government is not installed in time, the current caretaker government will request the Election Commission to treat this as a special case due to force majeure.
“In any case, I confirm there will be no oil shortage. Currently, at least 50% of offshore oil is secured through contracts already signed by PTT and the Ministry of Energy. The other 50% is being sourced from alternative suppliers. Importantly, yesterday Sihasak Puangketkaew discussed with Russia the possibility of purchasing crude oil. If successful, this will resolve supply issues,” Phiphat said.
When asked whether there would be conditions due to U.S. restrictions on purchasing Russian oil, Phiphat said the Ministry of Foreign Affairs must negotiate. He believes that given the global crisis, the negotiations will lead to some relaxation of restrictions.