Oil prices increase by 6 baht. Vehicle users are nearly shocked. The Oil Fund Management Committee (OFMC) has decided to reduce the compensation rates for diesel and gasoline, resulting in all retail fuel prices rising by 6 baht per liter tomorrow (26 March).
On 25 March 2026, the Oil Fund Management Committee (OFMC) approved reducing the compensation rates for diesel and gasoline, causing all retail fuel prices to increase by 6 baht per liter tomorrow (26 March 2026). This price adjustment stems from tensions in the Middle East, which have continuously driven oil prices higher, and caused diesel prices in the Singapore market to surge sharply from 198.20 USD per barrel on 23 March 2026 to 242.91 USD per barrel the same day. This situation also impacts the liquidity of the Oil Fund, which bears a compensation burden of approximately 2.592 billion baht daily, or about 80.344 billion baht monthly. Therefore, an urgent reduction in compensation is necessary to maintain the fund's liquidity and price stability over the long term to withstand global oil price volatility.
Beyond cost factors, the price increase also aims to balance regional prices. Currently, neighboring Malaysia has raised diesel prices from 32.40 baht per liter (on 16 March) to 39.54 baht per liter. Keeping domestic prices too low would encourage illegal fuel smuggling and hoarding for speculation. This price adjustment will help mitigate such issues and prevent the country's resources from leaking to profiteers improperly.
However, following today's fuel price adjustment, the government has prepared measures to minimize the impact on people's living costs. These include support for vulnerable groups, public transport sectors, farmers, fishermen, government contractors, and industry and service operators.
"During this period of energy security fluctuations, the OFMC requests cooperation from all sectors of society to understand these difficult circumstances and to jointly adopt energy use behaviors that value conservation, using only what is necessary and as economically as possible. These actions will not only help reduce your direct expenses but also lessen the country's burden and strengthen the Oil Fund to sustainably support all citizens in the future."