Senators angrily criticize the government for allowing oil prices to skyrocket, accusing "masked profiteers" of pocketing the price difference. They reveal that the public is bracing for a double hit with rising electricity costs and product prices ahead of Songkran.
On 26 Jan 2026 at the Parliament, Senator Noraset Prachayakorn, chairman of the Senate Committee on Political Development, Public Participation, Human Rights, Freedoms, and Consumer Protection, spoke about the energy crisis and rising living costs worsening the public's hardship. He said that after summoning relevant agencies to investigate fuel shortages, they found significant irregularities. The Department of Energy Business claimed public panic over the war caused self-hoarding and insisted no hoarding was found at fuel stations.
Noraset added that the committee's data completely contradicts this. Many fuel stations had their quotas cut. The government's claim of no hoarding was based on checks only at retail points, not at refineries where stocks and sales occur. The committee plans to request full system data on missing fuel and hold someone accountable, rejecting excuses that government agencies are hiding information.
Noraset further stated that the government's announcement to raise oil prices by 6-8 baht will inevitably affect electricity costs. EGAT informed the committee that global LNG costs have more than doubled from 13 to 25 dollars per million BTU, forcing EGAT to carry over 30 billion baht in debt it can no longer sustain. It is expected that by May, electricity rates will rise by at least 0.50-0.60 baht per unit. Meanwhile, the Department of Internal Trade admits it can only keep consumer goods prices stable until April. After Songkran, the public should prepare for widespread price hikes.
Noraset also said the committee recommends that the government urgently apply the 2019 Oil Fuel Fund Act to capture excess profits from refining margins, which have jumped from 2 to 6 baht, as well as profits from old fuel stocks purchased cheaply but sold at new prices, to be channeled into the fund. Crucially, the government should abolish the Singapore reference price, which adds a fictitious shipping cost as if imported, even though fuel is refined domestically, unfairly burdening Thai consumers by about 36 billion baht annually.
Meanwhile, Senator Sunthorn Prukpipat, chairman of the Consumer Protection Subcommittee, expressed intense anger, saying that the sudden 8-baht diesel price hike is an "economic shock." He said the public is enraged because it benefits those hoarding old fuel stocks, allowing them to profit at new prices.
"The Prime Minister has faced many crises and should have developed better problem-solving approaches. Claiming lack of full authority to prevent inspections is unacceptable. There is no law prohibiting stock inspections to protect public interests," Sunthorn said in closing.