Energy Minister Eknat Promphan confirms the use of refinery and fund mechanisms to control domestic oil prices, preventing sharp increases in line with global markets, and assures that national oil reserves are sufficient.
At 08:25 on 15 July 2026 at the Government House, Energy Minister Eknat Promphan spoke about the domestic oil price situation following global price increases caused by escalating events in the Middle East, noting that oil prices for all types rose significantly over the past week.
In Thailand, the mechanism to reduce refinery gate prices is still in use, bringing money from refineries to lower pump prices. Additionally, the oil fund manages prices during this period to align appropriately with market prices without frequent fluctuations like before. He confirmed that the Ministry of Energy monitors the situation daily to prevent rapid and sharp price increases following the market.
When asked whether domestic oil prices would remain unchanged for now, the Energy Minister said it depends day by day, but any price adjustments up or down will not be sudden or drastic, and they will monitor the situation gradually.
Furthermore, there is management of oil supply as well. Current checks show no problems with crude oil stocks, and refined oil reserves in tanks are nearly full. He reaffirmed that there is definitely no oil shortage, so prices will be managed according to market mechanisms.
Asked about the level of assessment required before raising prices, Eknat said they will observe gradually. Previously, they did not rely solely on Singapore prices because even though they reference Singapore, they reduce prices by using refinery funds. He has used this mechanism under the Emergency Decree on Fuel Shortage Prevention to reduce prices and will consider further measures. Currently, 10.5 billion baht is used to lower pump prices, and so far, when prices dropped, they barely used the fund. The fund had been in deficit even before he took office as Energy Minister. He emphasized that refinery and fund mechanisms will continue to help prevent sharp fluctuations in prices following global markets.