Energy Minister assures diesel price fixed at 32 baht per litre despite US sanctions on Russia

Energy Minister Auttapol Rerkpiboon addressed the impact of the US’s decision to impose sanctions on Russian oil, stating that no Thai companies have contracts with Russian firms currently under sanctions. While this move will likely drive global oil prices higher in the short term, Thailand will maintain the diesel price at 32 baht per litre, supported by the country's Oil Fund.

Auttapol further explained that the current spike in oil prices is expected to be temporary. In the medium to long term, OPEC Plus's ongoing increase in oil production will ensure adequate supply, preventing significant price hikes. He is confident that the Oil Fund will be able to manage the situation.

Currently, the Oil Fund has a deficit of approximately 14 billion baht, a significant improvement from its peak deficit of over 100 billion baht. However, when considering only the fuel sector, the fund remains in a positive balance, which is sufficient to maintain the diesel price at its current level.