Akanat said refining margins averaged as high as 15 baht per litre during April 1-15, compared with just over 7 baht per litre in March, which he described as highly abnormal. A new committee meeting is expected by April 21, with any revised rate due to take effect on April 23, after accounting for added costs such as war premiums, freight and insurance.
Oil Fund debt limits faster price cuts
The minister also addressed questions over why local pump prices have fallen only slightly even though oil prices in the Singapore market have dropped by about 20%. He said the reason lies in the Oil Fuel Fund, which built up more than 60 billion baht in debt after stepping in to cushion domestic prices during the global oil-price surge.