Thai PM blames stockpilers for fuel shortage

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BANGKOK: Thai Prime Minister Anutin Charnvirakul issued a sharp condemnation on Friday, blaming oil traders and ‘stockpilers’ for a nationwide fuel shortage and ‘excessive profiteering.’ 

Amid a global energy crisis triggered by the ongoing war in the Middle East, Anutin revealed that authorities have uncovered cases of fuel being hoarded or smuggled into neighbouring countries, a problem that has already cost the government approximately 50 billion baht (1.4 billion USD).

The Prime Minister’s allegations center on large and medium-sized traders who have reportedly delayed seaborne shipments or diverted fuel to wait for retail price hikes. Minister of Justice Rutthaphon Naowarat confirmed that over 57 million litres of fuel were reported missing during sea transportation in southern Thailand alone. 

The Department of Special Investigation is now pursuing these cases, as the government attempts to stabilise a market that has seen unleaded gasoline soar to record highs of 57.51 baht per litre.

Despite the shortage, Anutin maintained that Thailand’s fundamental domestic supply remained secure, with refinery production normally exceeding daily demand. However, the crisis has been exacerbated by ‘panic demand’ and the de facto closure of the Strait of Hormuz, which has sent global Brent crude prices past $125 per barrel.