Track Thailand's economy in English — business, trade, finance and market news, covered by Thai PBS World, Thailand's public broadcasting service.
A Thai economist and international trade expert is strongly advising the country to reconsider its energy structures, amid the ongoing war in the Middle East and the consequent surge in global oil prices.
A recent nationwide survey by Suan Dusit Poll, of Suan Dusit University, shows that rising energy prices have become a major concern for people across Thailand, with many fearing the impact they may have on their cost of living.
The price of diesel, which has been capped at 30 baht/litre, is likely to increase next Tuesday for the first time in more than two years, as the government meets with oil refineries today to discuss why they decided to increase the cost of oil refining or “Market GRM” (market gross refinery margin) from 2 baht to 6 baht/litre.
Small and Medium-sized Enterprises (SMEs) in Thailand, already bogged down by a plethora of problems, are now battered by the spike in crude oil prices, which have soared to above US$100 per barrel due to the prolonged US-Israel war on Iran.
The United States said it was launching unfair trade practice investigations into 16 key trading partners, including Thailand, as part of an urgent effort by President Donald Trump's administration to restore tariffs recently struck down by the US Supreme Court as illegal.
Half of Thailand’s fishing fleet of about 9,000 vessels is expected to remain in ports in the coming weeks due to the shortage of diesel and anticipated price increases to the level that would make going to sea unaffordable for many boat owners who do not have strong financial backing, according to Mongkol Sukcharoenkana, president of the Thai Fisheries Association.
The raging war in the Middle East has raised worries for Thailand’s economy as oil prices shot up to US$90 per barrel on Friday (March 6), the highest since 2022.
Prices of all finished oil products, except diesel, will increase by 50 satang per litre from 5am today. Diesel prices remain frozen.
The Bangkok Bank has decided to postpone indefinitely a new policy that was to have come into effect on April 9, requiring owners of “e-Savings” and “Bua Luang Extra Digital” online bank accounts to maintain a minimum positive balance of 2,000 baht at all times.
The chief economist of a leading Thai economic research centre has warned that Thailand faces growing risks to its energy security and economic growth if the conflict in the Middle East continues and the Strait of Hormuz remains closed.
As the stock market resumed trading this morning after a one-day break yesterday, the Stock Exchange of Thailand (SET) circuit breaker was triggered at 12.18pm, suspending trading after the SET index plummeted by 117.52 points to 1,348.99.
Thailand may seek additional oil supplies from Africa and the Americas and impose a temporary export ban if the conflict in the Middle East worsens, amid fears of disruption to global energy markets.
