Thailand to Raise Fuel Prices Amid Rising Subsidy Burden on Oil Fuel Fund

Thailand will raise retail prices for petrol, gasohol, and diesel by 0.85 baht per liter from today, as mounting subsidy costs place increasing pressure on the Oil Fuel Fund. The Oil Fuel Fund Executive Committee approved the increase at its meeting yesterday, citing prolonged geopolitical tensions and attacks on oil tankers along key Middle Eastern shipping routes. This decision highlights the direct impact of global energy market instability on domestic fuel prices in Thailand. The escalating tensions in the Middle East, in particular, have led to rising crude oil prices, and the Thai government has been subsidizing prices to protect domestic consumers, but the burden has now reached its limit. As Thailand aims to recover its economy as a tourist destination, the trend in fuel prices, which directly affects the daily lives of citizens, could also impact consumer purchasing power and inflation rates. Source: Hua Hin Today