6 June 2024

Oil companies in Thailand should not take too much profit from consumers, to avoid inducing suffering, said Energy Minister Pirapan Salirathavibhaga today (Wednesday).

The minister went to Customs Department to meet its director general of Patchara Anuntasilpa, reportedly to search for information about the cost of imported crude oil and finished oil products, in his attempt to find ways to restructure oil pricing, to ensure fairness for consumers and to prevent oil companies from making excessive profits from them.

Noting that energy, be it electricity or fuel oil, are necessities and account for a major part of production costs, he said that it is the responsibility of the Energy Ministry to find ways to make it possible for the consumers, be it businesses or individuals, to purchase fuel oil at fair prices.

In doing so, he explained that it is, however, necessary that the ministry has all the details about the oil business, particularly the pricing structure. He said that, if the pricing structure is not right and causes fuel prices to increase unjustifiably, it must be rectified “because profiteering amounts to robbery.”

The energy minister said he has been assigned by Prime Minister Srettha Thavisin to ensure fair energy prices for consumers.

The cabinet has already decided to cut the diesel price to below 30 baht/litre, effective today, and has cut the electricity price from 4.45 baht/unit to 3.99 baht/unit, effective in the September billing cycle.

The prices of benzine and gasohol have, however, been rising steadily. Today they are 48.24 baht/litre and 40.45 baht/litre respectively.