BANGKOK, Thailand – Thailand’s retail fuel prices fell on Thursday following a government directive to remove phantom freight and insurance charges from the national refining margin formula, energy officials said. Under the new price structure, retail prices for Gasohol 91 and 95 dropped by 0.50 baht per liter, while premium diesel and standard diesel prices decreased by 1 baht per liter. Prices for E20, E85, and B20 biofuels remained unchanged.
The price cuts follow an order signed by Energy Minister Akanat Promphan removing untrue costs—including international transport, insurance, transit loss, and oil reserve fees —that had been added to domestic fuel costs since 2004, despite the fuel being refined within Thailand rather than imported from Singapore. The Ministry of Energy estimated that the elimination of these phantom costs would save consumers approximately 30 million baht ($880,000) per day. (TNA)
