Mr Akanat said progress was being made on measures to manage domestic fuel prices, with urgency placed on a second round of margin cuts to ease the cost of living. The first reduction, introduced in March, lowered retail fuel prices by B2.14 per litre, reports the Bangkok Post.
Officials are analysing actual cost data to determine a revised refining margin, after figures showed a sharp rise between Apr 1 and 15 to an average of B15 per litre - more than double March’s average of just over B7.
The minister described the increase as highly irregular. A meeting of the Energy Policy Administration Committee will be held tomorrow, with any revised rates expected to take effect on Thursday.
The new calculation will account for additional costs, such as war risk premiums, transport and insurance, based on real conditions during the first half of April, Mr Akanat said. A reduction exceeding B2 per litre is anticipated, he added.
Responding to public concern that Singapore market prices have fallen by some 20% while domestic retail prices have declined only marginally, Mr Akanat pointed to the financial position of Thailand’s oil fund.
During the period of elevated global prices, the fund intervened heavily to stabilise domestic costs and has run up debts exceeding B60 billion, he said. Although daily outflows have since dropped from more than B2bn to about B100 million, he said retail price changes must proceed gradually to preserve the fund’s stability.
In other news, the Thai Maritime Enforcement Command Centre has stepped up enforcement against illegal activities in Thai waters, the government says.
Government spokeswoman Rachada Dhnadirek said Prime Minister Anutin Charnvirakul had ordered intensified operations to combat smuggling. Between February and April, authorities seized more than 335,000 litres of illicit fuel, along with gasohol, over 1.2 tonnes of cannabis buds and other illegal goods, she said.
Investigators also identified irregularities in 20 oil shipments, with a combined loss of some 57 million litres, she said.
Some vessels disabled their automatic identification systems and conducted ship-to-ship transfers at sea to evade detection, Ms Rachada said, adding the Department of Special Investigation has taken up the case.
Meanwhile, one of two vessels operated by Siam Cement Group stranded in the Strait of Hormuz has now departed safely following diplomatic coordination, the Foreign Affairs Ministry said.