The oil fund deficit has surged to 47 billion baht, with daily outflows of 1.7 billion baht following a diesel subsidy of 21.89 baht per liter. The Energy Ministry explained that the refining margin has temporarily increased by 13 baht per liter, describing this as a temporary situation. They are awaiting the Fuel Cost Structure Committee's study results before finalizing a new pricing structure.
At 18:05 on 1 Apr 2026 GMT+7 at the Government House, Mr. Weeraphat Kiattifungfoo, Deputy Permanent Secretary and spokesperson of the Ministry of Energy, stated that as of 1 Apr 2026, the oil fuel fund stands at a deficit of approximately 47 billion baht, with daily outflows of about 1.7 billion baht. This is due to subsidizing diesel prices at 21.89 baht per liter. The fund's deficit is expected to grow because refined oil prices in the Singapore market remain high due to increased demand, even though global crude oil prices have begun to decline.
Regarding compensation to oil refineries, since the oil fund currently has no positive cash flow, the refineries will record these amounts as receivables, with the government planning to repay them later. No interest will be charged on these outstanding payments to private companies.
When asked about the refining margin currently as high as approximately 13.90 baht per liter, the Deputy Permanent Secretary explained that this figure is a temporary increase reflecting high oil costs combined with transport premiums and insurance at various times. The refining margin is expected to decrease after this period, with negative refining margins anticipated by June. The Prime Minister has established the Fuel Cost Structure Committee to study the suitability of setting fuel cost structures, monitoring refinery costs and profits, and their impact on retail fuel prices.
Regarding progress on sourcing oil from Russia, the Ministry of Foreign Affairs reported that discussions with Russia have taken place. If feasible, Thailand may import Russian crude oil, but currently, refineries continue to use crude from previously established sources, which can be processed immediately by operational refineries.
For Russian oil imports, discussions with the private sector are needed to prepare storage facilities for future use. These talks will also cover the necessary refinery adjustments to process Russian crude oil.