“Aeknat” reveals plans to overhaul the oil fund, further reduce refining fees, suspend excise tax collection on oil as a last resort, and threatens severe action against oil hoarders while also halting electricity price increases.
At 18:40 on 10 Apr 2026 GMT+7 at the Parliament, Energy Minister Aeknat Phanpun explained the management of the oil crisis caused by the Middle East war’s impact. He said he plans a transformative restructuring of the country's energy sector, recognizing the crisis and the importance of energy—oil and electricity—as key drivers of the nation and crucial factors in production costs affecting people's living expenses. He is cautious in managing the oil fund and intends to 'operate surgery' on it, noting the fund's significant power to allocate tens of billions in subsidies to offset oil costs, currently running a deficit of 60 billion baht. He believes no fund should hold such authority. Once the situation normalizes, he will adjust the fund’s operational criteria to mitigate impacts when oil prices rise, preventing excessive effects on domestic oil prices and agrees that stricter operational limits are needed.
Aeknat continued, saying that during the crisis, market mechanisms do not function normally, and referencing Singapore’s refinery prices is abnormal, indicating that refining fees suggest refineries are earning excessive profits. Although Thailand has sufficient refineries, comparing to Singapore’s prices is inappropriate since refineries should help ease the public burden rather than seek excess profits. As chairman of the Energy Policy Committee, he is considering war risk, insurance, and transportation costs incurred in March as discounts off refinery prices in April. If refining fees rise again in April, he will review actual data to determine further discounts to ease the public burden. He stressed he is not intimidated by anyone, including capitalists, prioritizing the public's interest. Regarding proposals to reduce excise tax on oil, while not difficult, it has consequences. He has asked Deputy Prime Minister and Finance Minister Aekniti Nitithanprapas to reserve this measure as a last resort for targeted support to truly needy citizens, even though reducing excise tax would lower oil prices.Decrease.The public would be pleased, but the country’s revenue would also decline, so he still prefers the mechanism of lowering refinery prices.This would not affect.The financial status of the oil fund, allowing the public to use cheaper oil alongside continued use of the oil fund.
Aeknat addressed concerns about future oil shortages, saying crude oil imports are starting to return to normal, with April and May expected to be back to usual levels. However, nothing is certain in this situation, so preparations for all scenarios are necessary. He reassured the public that we are currently in uncertainty; whether oil prices rise or fall, people should live cautiously and prepare for a possible escalation in the Middle East situation that may require lifestyle adjustments. He warned that if any irregularities in oil hoarding to exploit the public are found, he is ready to take strict and decisive action. If a confrontation is necessary, he will fight to the end without retreat, warning that even if profits are sought during this time, those with money should be prepared to spend it in prison. Regarding the planned electricity price increase from 3.88 baht/unit to 3.95 baht/unit, he confirmed it can be reduced back to 3.88 baht by using electricity authority revenues to offset the difference for consumers using up to 200 units. This is not new and is a policy decision, but structural adjustments are needed so low electricity users can pay less, while higher consumption is charged more, ensuring those using up to 200 units pay no more than 3 baht per unit. He is ready to proceed with this plan.