Akanat Promphan, Minister of Energy, revealed plans to meet the Energy Policy Committee (ERC) to cut the refining margin by more than 2 baht in the second round. The announcement is expected in the Royal Gazette on 23 April 2026, effective 24 April, with further reductions anticipated in the future.
At 08:25 on 21 April 2026 at the Government House, Akanat Promphan, Minister of Energy, stated that on Thursday, 23 April at 9:00 a.m., the Energy Policy Committee (ERC) will hold its second meeting to reduce the refinery gate price by more than 2 baht. He intends for the decision to be published in the Royal Gazette the same day, taking effect immediately, which will lower pump prices from Friday, 24 April. Part of the funds will also be used to compensate for losses in the oil fund.
When asked if private companies agreed to this, Akanat responded frankly that this is not about whether private companies agree or not, but rather an assessment of the actual situation. The global market is in an abnormal state, with refinery gate prices linked to Singapore rising significantly higher than the increased costs, reaching abnormally high levels. Private companies have been asked to disclose their true costs to determine the actual refining margin and to set rates ensuring they do not incur losses, while also preventing excessive profits during the crisis. It is necessary to find a rate fair to all parties.
When asked if further reductions beyond 2 baht are likely in the future, Akanat said there is a tendency to reduce by more than 2 baht. The original figure of 2 baht was based on March's data, but the current period remains abnormal. Export bans mean refined oil will be used domestically, so the committee must control domestic prices to ensure fairness. With prices rising by 15 baht in April, the trend must be adjusted downward further.
Akanat confirmed that diesel prices at the pump have continuously decreased since Songkran, totaling 8.84 baht across four reductions. This was achieved through market mechanisms and adjustments to the refinery gate price.