Thailand Freezes Fuel Prices as Global Oil Surges
Thailand's Oil Fund Committee froze all retail fuel prices on September 11 as global diesel surged to $191.91 per barrel, driven by Middle East geopolitical tensions and supply chain disruptions.
Global oil prices have surged to 191.91 US dollars per barrel for diesel, prompting Thailand's Oil Fund Committee to freeze all retail fuel prices and ease the burden on consumers. On September 11, the committee approved holding pump prices steady to cushion the public from cost-of-living pressures, even as it faces intense pressure from volatile world markets. Singapore's oil markets have risen sharply, with diesel hitting 191.91 dollars per barrel and benzine climbing to around 148 dollars per barrel in steep jumps. The committee is considering additional measures to support domestic retail fuel pricing. The primary driver of the recent price spike—the highest in months—is escalating geopolitical tension in the Middle East, particularly attacks on oil tankers at critical chokepoints like the Strait of Hormuz and the Red Sea, which have triggered supply chain security concerns and sent shipping and insurance costs soaring. Combined with ongoing production cuts by major producers and investor position-closing in futures markets, these factors are rapidly pushing up global crude prices. The Oil Fund Committee is calling for cooperation across all sectors to use energy efficiently, reduce household costs, and lower dependence on imported fuel. It has assured the public that the fund will work at full capacity to maintain stable, reasonable domestic retail fuel prices that do not unduly burden citizens.
