Thailand Raises Fuel Prices as Oil Fund Deficit Hits 83 Billion Baht
Thailand raised fuel prices across all types by up to 0.80 baht per liter starting September 9, as the Oil Fund's deficit hit 83 billion baht amid Middle East tensions driving global crude costs sharply higher.
On September 8, 2026, the Fuel Oil Fund Management Committee approved retail price increases for all fuel types, raising diesel by 0.70 baht per liter and gasoline by 0.80 baht per liter, effective September 9, 2026. The increases stem from geopolitical tensions in the Middle East between the United States and Iran, with diminishing prospects for negotiations to ease tensions and reopen shipping lanes through the Strait of Hormuz. Concerns about crude oil supply disruptions have driven global oil prices upward sharply, with Singapore diesel market prices surging above $172 per barrel and gasoline rising to approximately $137 per barrel on September 8. These pressures forced the Oil Fund to reduce subsidies from price volatility now at crisis levels, allowing retail prices to better reflect actual costs and restore financial balance to a fund bearing daily compensation burdens of approximately 500 million baht. For diesel products, standard diesel compensation increased by 0.03 baht per liter to 5.80 baht per liter, resulting in a retail price of 39.84 baht per liter; B20 diesel subsidies decreased by 0.06 baht per liter to 10.06 baht per liter, resulting in 34.84 baht per liter; and premium diesel was set at 1.50 baht per liter. For gasoline and gasohol products, regular gasoline reduced collection by 0.27 baht per liter to 4.55 baht per liter, resulting in a retail price of 48.08 baht per liter. Gasohol 95 increased compensation by 0.18 baht per liter to 2.37 baht per liter for a retail price of 39.09 baht per liter; Gasohol 91 increased by 0.18 baht per liter to 2.37 baht per liter for 38.72 baht per liter; E20 Gasohol increased by 0.08 baht per liter to 5.77 baht per liter for 34.09 baht per liter; and E85 Gasohol decreased by 0.50 baht per liter to 2.60 baht per liter for 30.03 baht per liter. These new rates take effect September 9, 2026. The Oil Fund urges all sectors to understand the situation, conserve energy responsibly, and adopt energy-efficient practices to reduce personal costs and strengthen the fund's capacity to sustainably support the public.
