Diesel surges past 40 baht as Thailand raises fuel prices on March 31

Thailand’s retail fuel prices have risen sharply from March 31, 2026, with diesel climbing above 40 baht per litre following a late-night decision by the Oil Fuel Fund Management Committee (OFMC).

Fuel retailers including PTT Oil and Retail Business Plc (OR) and Bangchak Corporation Plc implemented price increases effective from March 31, raising petrol and gasohol by 1 baht per litre and diesel by 1.80 baht per litre.

The adjustment pushed the standard diesel retail price in Bangkok to 40.74 baht per litre, up from 38.94 baht, marking a key psychological threshold as prices move above 40 baht.

Updated retail prices in Bangkok, excluding local taxes, are as follows:

Petrol and gasohol group:

• Petrol: 50.64 baht/litre
• Super Power Gasohol 95: 53.04 baht/litre (OR)
• Gasohol 97: 57.54 baht/litre (Bangchak)
• Gasohol 95: 42.05 baht/litre
• Gasohol 91: 41.68 baht/litre
• Gasohol E20: 37.05 baht/litre
• Gasohol E85: 33.79 baht/litre

Diesel group:

• Super Power Diesel: 56.44 baht/litre (OR)
• Diesel: 40.74 baht/litre (OR)
• Hi-Premium Diesel S: 58.64 baht/litre (Bangchak)
• Hi-Diesel S: 40.74 baht/litre (Bangchak)

The price hike follows a resolution by OFMC on the evening of March 30, 2026, to increase diesel compensation from the Oil Fuel Fund by 2.09 baht per litre, raising the subsidy level to 18.76 baht per litre.

Despite the higher subsidy, retail prices still rose by 1.80 baht per litre due to surging global oil costs.

Officials said the key driver behind the adjustment was a sharp spike in global diesel (gas oil) prices, which jumped to around US$238 per barrel on March 27, compared with pre-conflict levels of roughly US$92–95 per barrel.

The committee noted that extreme volatility in global oil markets has forced it to closely monitor multiple factors, including international prices, regional benchmarks, the financial position of the Oil Fuel Fund, and the broader economic impact on consumers.

As a result, OFMC convened an evening meeting between approximately 7pm and 8pm on March 30, before announcing the revised compensation rate shortly after.

The increase in diesel support has further strained the Oil Fuel Fund’s finances. Daily expenditure has risen by around 170 million baht, bringing total daily outflows to approximately 1.505 billion baht, up from 1.335 billion baht previously.

As of March 29, 2026, the fund remained deeply in deficit at 42.148 billion baht, comprising a 4.833-billion-baht shortfall in the oil account and 37.315 billion baht in the LPG account.

The latest adjustment underscores mounting pressure on Thailand’s energy pricing system as global oil markets remain volatile, with further price movements likely if international conditions persist.