refining margins lowered

Refining Margins to Be Lowered, Diesel Set to Drop by 2.14 Baht

ByJustpaste.in

BANGKOK – Energy Minister Akanat Promphan has ordered a reduction in diesel refining margins aimed at lowering retail fuel prices by approximately 2.14 baht per litre, with the measure expected to take effect on Thursday. The decision marks the first time Thailand has used emergency powers to directly influence refinery pricing in order to ease the burden on consumers.

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Speaking after a meeting of the Energy Policy Administration Committee on Tuesday, Akanat announced that discussions had been held with domestic refinery operators, resulting in a resolution to cut refinery gate prices for B7 and B20 diesel by two baht per litre. The price adjustment is being based on Singapore market reference prices, and the decision will be expedited for publication in the Royal Gazette. The Oil Fuel Fund Management Committee is scheduled to meet on Wednesday to announce a new retail diesel price as quickly as possible. The total reduction, including tax adjustments, is expected to reach about 2.14 baht per litre, according to the minister.

Akanat explained that the decision to cut the refining margin by two baht was based on data from March, when refining margins surged to as high as seven baht per litre compared with the normal range of two to four baht. He stressed that the measure would not immediately push refineries into losses, as rising fuel demand continues to support profitability, although margins may narrow. The minister expressed appreciation to refinery operators for their cooperation, noting that some had agreed to implement the measure immediately.

The move is enabled under the 1973 emergency decree on preventing fuel shortages, which grants the Energy Policy Administration Committee authority to set refinery gate prices. This marks the first time such powers have been used in Thailand to directly influence refinery pricing. Akanat assured that the committee is to ensure that the policy does not lead to fuel shortages or disrupt refineries’ ability to import crude oil. Authorities will continue to assess whether the full reduction should be passed on to consumers or partly used to ease the burden on the Oil Fuel Fund. Further discussions are expected in mid-April to consider whether deeper cuts of two to five baht per litre may be appropriate, depending on energy price trends.

Regarding the idea of seeking financial contributions from the private sector similar to measures implemented in 2022, Akanat said Thailand should avoid being viewed as a failed state reliant on donations. However, he remarked that companies willing to assist the government as part of their social responsibility are welcome, though he preferred not to label such assistance as donations. He said it would be inappropriate for companies willing to contribute to bear the burden on behalf of those unwilling to do so, stressing that the current measure ensures shared responsibility across the sector while taking into account the financial capacity of refineries to sustain crude procurement.

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Once the reduction is published in the Royal Gazette, all fuel distributed domestically must comply, with penalties including imprisonment for violations, the minister warned. He assured that authorities remain open to discussions with operators should problems arise following the initial reduction. Last week, Akanat said he planned to cap refinery margins at three to four baht per litre in a bid to curb rising fuel costs without relying on subsidies, and that the ministry would use the powers available under the 1973 executive decree to review the pricing formula and consider Dubai crude prices.

-Thailand News (TN)

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