Bangkok:Oil prices have seen a significant increase, causing frustration among consumers who are demanding an end to late-night announcements by the Ministry of Energy.
According to Thai News Agency, all types of fuel in Thailand have increased by 60 satang per liter. This rise follows a surge in the Singapore oil market, where prices closed at an average of $178.34 per barrel, marking an increase of $8.55. The Fuel Fund's balance as of October 18, 2026, stands at a negative 103,561 million baht, further deepening by 1,880 million baht from the previous week.
Late last night, the Ministry of Energy announced the price hike on their Facebook page, advising citizens to refuel before the increase took effect. The announcement, made after 9 PM, drew sarcastic reactions from netizens, with many expressing frustration over the timing, suggesting the ministry should have announced it earlier in the evening.
The surge in fuel prices is attributed to the ongoing conflict in the Middle East involving the US, Israel, and Iran, which has driven crude oil prices above $100 per barrel. This has caused domestic retail fuel prices to rise continuously since the end of August 2026. Dubai and Brent crude oil prices have stabilized above $106-109 per barrel, while Singapore's refined oil prices have reached erratic highs, with diesel at $178 per barrel and gasoline at about $136 per barrel.
The rising global energy costs have put pressure on the Fuel Fund Management Committee, forcing it to allow domestic prices to align with market mechanisms to stabilize the fund. This has led to a significant increase in retail fuel prices in Bangkok and surrounding areas since late August.
Additionally, adjustments in the fuel oil fund contributions were announced, with B7 diesel seeing an increase of 0.69 baht and B20 diesel by 1.08 baht. Gasoline and Gasohol 95/91 also saw changes, with some decreases and increases in their contributions.
Meanwhile, the conflict in the Middle East shows no signs of resolution, with Iran threatening to cut underwater internet cables beneath the Strait of Hormuz. This move aims to disrupt global banking systems, signaling a potential escalation in the conflict, now in its eighth month.