Bangkok: Atthapol has directed a freeze on all oil prices following a sharp increase in global prices after the United States announced sanctions against Russian oil, aiming to pressure an end to the Ukraine conflict. The Energy Regulatory Commission (ERC) has recently approved a reduction in Oil Fund contributions for diesel by 70 satang per liter and gasoline by 50 satang per liter.
According to Thai News Agency, Mr. Pornchai Jirakulpaisan, Director of the Policy and Planning Office of the Oil Fund Office (OFO), disclosed that the Oil Fund Management Committee (OFO) convened a meeting as per orders from Mr. Atthaphon Rerkpiboon, Minister of Energy, to manage oil prices for the public under the “Quick Big Win” policy. This decision follows the global oil price surge triggered by US sanctions on major Russian oil companies to put an end to the Ukraine war, leading energy companies in China and India to cut down on Russian oil imports. The OFO decided to reduce the contribution to the Oil Fund by 70 satang per liter for diesel and 50 satang per liter for gasoline, ensuring domestic retail oil prices remain stable despite ongoing global market increases.
Mr. Pornchai further mentioned that the Oil Fund (OIF) meeting conducted a thorough assessment of the global oil price scenario. The Dubai crude oil prices escalated to US$67.75/barrel, gasoline to US$81.10/barrel, and diesel to US$89.10/barrel, significantly affecting domestic retail oil prices. To alleviate further public burden, the OIF has taken urgent measures to stabilize prices using the Oil Fund mechanism.
This adjustment in contributions to the Oil Fund will decrease daily revenue to 86.67 million baht from the previous 145.22 million baht (including 0.36 million baht per day for fuel oil). As of October 19, 2025, the Oil Fund’s balance was negative at 14.754 billion baht, even though the oil account remained positive at 26.910 billion baht, and the LPG account was negative at 41.664 billion baht.
“The reduction in Oil Fund contributions is a part of Energy Minister Atthapol Rerkpiboon’s ‘Quick Big Win – Real Action, Real Results’ policy, focusing on achieving tangible outcomes and alleviating the cost of living for the populace and the local economy as swiftly as possible. Throughout October 2025, the Oil Fund has consistently monitored oil prices for the public by lowering retail prices for diesel by 1 baht per liter and gasoline by 0.80 baht per liter. This demonstrates prompt management and a genuine commitment to benefiting the people,” stated Mr. Pornchai.