3. Seek an excise tax cut of 1–2 baht a litre. The Finance Ministry would be asked to consider reducing fuel excise tax to cushion retail prices as global oil costs rise. The source said the fund’s cash flow was weak and its subsidies were effectively covering the tax burden.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas had initially supported the idea of cutting taxes on biofuels, according to the source. The source believed Ekniti’s commitments at the previous week’s International Monetary Fund–World Bank Group Annual Meetings 2026 had delayed further consideration.
4. Continue reductions in refinery-gate prices. The Energy Policy and Planning Office would be asked to assess further reductions after the existing diesel refinery-gate discount of 4 baht a litre expires on October 31. Monitoring of refinery costs suggested there could be room for further cuts in November, the source said, although the office would need to determine an appropriate amount.
5. Accelerate energy-price reform. The ministry would be urged to complete its ongoing review of the energy-price structure as quickly as possible, with the aim of making prices fairer and better suited to changed market conditions.
“All five measures should be accelerated, particularly publicity encouraging people to use E20 gasohol and B20 diesel, because this can be done immediately and would also strengthen domestic energy security,” the source said.
Fuel prices and fund contributions changed on October 21
The source said the Middle East war had driven another increase in global oil prices on October 20, prompting the Oil Fuel Fund Management Committee to approve retail price rises of 0.60 baht a litre for B7 diesel, petrol and E10 gasohol 95 and 91.