The Energy Ministry spokesperson clarified that "Korn's" information was inaccurate, pointing out that Energy Minister Eknat used his authority to set retail prices, drawing excess refinery profits to immediately reduce fuel prices by 2.5 baht per liter.
On 8 July 2026, Mr. Pongpol Yodmuangcharoen, Energy Ministry spokesperson, posted on Facebook revealing the background of the historic fuel price cut. He noted that while many only see the price dropping by over 2.5 baht per liter, some may mistakenly think it is merely a compensation from the Oil Fund as before, which does not reflect the key substance of the Energy Policy Committee's resolution. All details will be officially published in the Government Gazette today.
The core of the resolution is that Mr. Eknat Phompunt, Minister of Energy, exercised legal authority to set a ceiling on retail fuel prices for the first time in Thailand's history. This is not just a simple transfer of funds from the Oil Fund, like shifting money from "one pocket to another," as some political groups and critics have mistakenly claimed.
Using authority under the 1973 Emergency Decree issued by the Prime Minister, it was clearly established that gasoline and diesel must not be sold above 35 baht per liter. Simply put, when market prices do not reflect true costs, the government can intervene by setting price limits to protect consumers.
At the same time, the Energy Ministry retrieved "excess profits" from refineries to help ease the public's burden again—this time about 1.7 billion baht. Combined with previous rounds, more than 10 billion baht has been recovered. This sum is not from public taxes, loans, or the Oil Fund, but is the excess profit within the energy supply chain used to reduce living costs nationwide. As a result, fuel prices were immediately cut: gasoline and gasohol by about 2.51 baht per liter, and diesel by about 2.56 baht per liter.
Some may view this simply as a "2-baht fuel price cut," but from a policy perspective, it shows the government is ready to use all legal tools to maximize public benefit, rather than letting distorted market mechanisms operate unchecked. After all, energy prices are not just numbers on pump signs; they affect every household's cost of living and the entire national economy's expenses.
Mr. Pongpol said, "The Energy Ministry acknowledges that initial communication through multiple meetings, including the Energy Policy Committee and the National Energy Policy Council, may have caused some misunderstanding of all aspects. However, once the Government Gazette announcement is published today, all parties will see that this price cut is legally grounded and involves more than just using the Oil Fund as previously understood."