On 2 Mar 2026 GMT+7, the global oil price situation is closely monitored worldwide due to a major attack on Iran in late February that triggered violent events in the Middle East.
Summary of the global and Thai oil price situation is as follows.
1. Global oil price situation (post-attack on Iran).
Air strikes by the U.S. and Israel against Iran on 28 Feb - 1 Mar 2026 GMT+7 severely impacted energy market confidence:
Oil price surge: Brent crude oil prices jumped over 10% immediately following news of the death of Iran's Supreme Leader, rising to around $80-92 per barrel.
Strait of Hormuz crisis: Iran signaled it might close the Strait of Hormuz, a critical oil shipping route accounting for 20% of the world's supply, leading analysts to predict prices could soar to $100-120 per barrel soon if tensions escalate.
OPEC+ response: The oil-producing countries agreed to a modest production increase of about 206,000 barrels per day, insufficient to alleviate market worries.
2. Retail fuel prices in Thailand (as of 2 Mar 2026 GMT+7).
Despite heavy volatility in global oil prices, retail fuel prices in Bangkok and surrounding areas on 2 Mar 2026 GMT+7 remain unchanged, with no price adjustments announced by major fuel retailers PTT and Bangchak, maintaining previous day prices as follows:
Fuel Type | Price (Baht per liter) |
Gasoline 95 | 39.14 |
Gasohol 95 | 30.55 |
Gasohol 91 | 30.18 |
Gasohol E20 | 28.34 |
Gasohol E85 | 26.29 |
Diesel B7 / B10 / B20 | 29.94 |
Premium Diesel | 43.44 - 45.64 |
These prices exclude local maintenance taxes. |
3. Thai government countermeasures.
The Ministry of Energy has issued urgent directives to address the crisis:
Energy reserves: Confirming that Thailand holds sufficient oil reserves (crude and refined) for approximately 60-61 days of usage.
Price control: Preparing to use the Fuel Fund mechanism to subsidize prices if global markets surge sharply, aiming to mitigate impacts on living costs.
Emergency measures: Temporarily suspending oil exports and establishing a 24-hour emergency energy monitoring center.
Although pump prices remain steady on 2 Mar, the tense war situation in Iran suggests a high likelihood of price increases in the coming days.