Bangkok: Oil prices in Thailand are remaining stable despite global market fluctuations and a weakening baht, thanks to a strategic reduction in oil fund contributions. The Oil Fund Office (OFO) has decreased the collection rate by 40 satang per liter, ensuring that retail oil prices at the pump do not rise, thus alleviating financial pressures on the public.
According to Thai News Agency, Mr. Pornchai Chirakulpaisan, Director of the Policy and Planning Office at the OFO, announced that the Oil Fund Management Committee has decided to reduce contributions to the Oil Fund for various fuel types, such as Gasohol 91, Gasohol 95, Gasohol E20, regular diesel, B20 diesel, and premium diesel. This reduction, effective from April 25, 2025, aims to stabilize retail oil prices amidst an economically challenging environment.
The committee's decision followed a comprehensive assessment of the global oil market, considering factors that could impact domestic pricing. The reduction in contributions is expected to decrease the Oil Fund's daily income from 366.57 million baht to 326.08 million baht, a loss of approximately 40.49 million baht per day. As of April 20, 2025, the Oil Fund was already experiencing a deficit of 52,513 million baht, with the oil account in the red by 7,020 million baht and the LPG account by 45,493 million baht.
Mr. Pornchai emphasized that this measure is crucial for maintaining price stability and minimizing the impact on the cost of living for Thai citizens during the ongoing economic recovery. He assured that the OFO operates under the guidelines of the Oil Fund Act B.E. 2562, with a focus on openness, transparency, and accountability to ensure appropriate domestic oil pricing.