Thailand’s diesel price capped at ฿34.94 per litre for the 5th week

The Fuel Fund Executive Committee decided today (Tuesday) to hold the retail price of diesel at 34.94 baht/litre for the fifth consecutive week, to ease the burden on consumers.

Oil Fuel Fund Office Director Wisak Watanasap said that diesel prices on the global market fell by US$6.44 per barrel, from US$142.56 last week, to US$136.12 yesterday, due to declining demand for the fuel amid concerns about a recession and runaway inflation, prompting several central banks to tighten their monetary policies.

He also attributed the drop in oil prices to worries that lockdown measures may be re-imposed in Shanghai, if new infections of a new sub-variant of the COVID-19 Omicron strain spread quickly, adding that a rising US consumer price index will also put pressure on oil prices.

He said, however, that the freezing of the diesel price for another week is in line with the cabinet decision to maintain the retail prices at petrol stations at under 35 baht/litre until the end of September.

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