The Economic Party, together with BRICS representatives, jointly proposed solutions to lower oil prices by supporting full liberalization of oil imports, cutting taxes, and abolishing the oil fund. They also committed to coordinating with BRICS to procure cheaper oil immediately.
On 1 April 2026 at the Parliament building, Mr. Kris Potranan, party-list Member of Parliament and chairman of the Economic Party, along with MPs Peeraphon Kanokwally and Angsana Niamwanichkul, revealed that they had held discussions with BRICS representatives from Brazil, Russia, India, China, and South Africa to find ways to freely import oil at reasonable prices into Thailand. This discussion progressed concretely following the party's parliamentary debate on oil price issues affecting the public. The Economic Party therefore proposed three measures to the government:
1. Allow free importation of both crude oil and refined oil to increase competition, lower costs, and reduce oil prices by 7-10 baht per liter.
2. Immediately reduce the excise tax on oil from the current rate of about 7 baht per liter.
3. Exempt value-added tax (VAT) on oil to further lower retail prices, reducing the price by an additional 2 baht per liter.
These measures can reduce prices immediately.
Mr. Kris Potranan stated that the party estimates these combined measures could lower oil prices by approximately 16–19 baht per liter. Although the government may lose revenue in the short term, this will significantly stimulate the economy and ease the burden on the public. The Economic Party is ready to coordinate with BRICS to source oil from the global market immediately if the government shows readiness to implement these policies. They also propose reviewing the role of the oil fund to maximize its effectiveness within the country's energy system.
Confidence in feasibility
Dr. Meechai Taojaroen, as Thailand’s BRICS representative, along with Mr. Iurii Filatov, advisor and representative of the BRICS Thailand International Alliance, stated that energy cooperation between Thailand and BRICS member countries, particularly Russia, has real potential if the Thai government clearly expresses its intent. This could lead to a memorandum of understanding (MOU) between the energy agencies of both countries as the next step.
The Economic Party affirmed that this approach will be an important mechanism to reduce living costs and ensure long-term energy security for Thailand.
