Petrol prices cut by 0.70 baht per litre as global market softens

The Fuel Fund Executive Committee (FFEC) has resolved to cut retail prices for petrol and premium fuels by 0.70 baht per litre, effective today, following a drop in global crude oil prices. Gasohol E85 and diesel prices will remain unchanged.

The price adjustment comes as easing geopolitical risks lower concerns over global energy supply shortages. Recent signals from the United States and Iran regarding peace negotiations, alongside progress towards resolving the conflict in Ukraine, have tempered market anxieties.

Furthermore, global market supply is expected to rise as key Gulf nations, particularly Saudi Arabia, prepare to boost output to protect market share, despite headwinds from a slowing global economy.

Yesterday, global diesel prices closed at around US$166 per barrel, down from US$167 on November 3, while global petrol prices settled at around US$112 per barrel, down from US$115 the previous day.

Under the revised oil fund levy structure effective today:

- Gasoline 95: Fund contribution increases by 0.13 baht to 10.78 baht per litre, bringing the retail price to 50.33 baht per litre.

- Gasohol 95: Fund contribution rises by 0.06 baht to 2.99 baht per litre, resulting in a retail price of 40.84 baht per litre.

- Gasohol 91: Fund contribution rises by 0.06 baht to 2.99 baht per litre, setting the retail price at 40.47 baht per litre.

- Gasohol E20: Fund contribution drops by 0.02 baht to 2.50 baht per litre, lowering the retail price to 32.80 baht per litre.

- Gasohol E85: Fund levy is reduced by 0.20 baht to a subsidy of 0.41 baht per litre, keeping retail prices steady.

For the diesel segment, retail prices remain unchanged. The committee reduced the subsidy for standard Diesel B7 by 0.16 baht per litre to a subsidy of 3.33 baht per litre, while Diesel B20 saw its subsidy cut by 0.13 baht per litre to 5.36 baht per litre.

The FFEC noted that the retail price cuts will ease the cost-of-living burden while improving the Oil Fuel Fund's liquidity.

The fund currently maintains daily expenditures of approximately 166.28 million baht.

Despite the recent downward trend in world oil prices, energy markets remain highly volatile and the fund’s executive committee continues to urge all sectors to use fuel efficiently to ensure long-term national energy security.