PM: hoarders to face action amid oil supply concerns

The prime minister has vowed to take decisive action against anyone—no matter how influential—who is involved in hoarding fuel to exploit the public and make excessive profits during the current oil crisis.

Speaking at a press conference convened to address the crisis stemming from the conflict in the Middle East, the prime minister said investigators from the Department of Special Investigation, the police, and the Excise and Energy Business departments have been monitoring and probing the operations of major oil traders, identifying tactics used to hoard fuel.

One such tactic is keeping oil tankers at sea to delay deliveries to the provinces until a price increase is announced. Another involves refusing deliveries to service stations or diverting supplies elsewhere.

Anutin Charnvirakul said these malpractices by major oil traders amount to hoarding and have cost taxpayers vast sums of money, as the government subsidises retail fuel prices through the Oil Fuel Fund—intended to support consumers, not enrich hoarders.

“As head of the government, I can assure you that this administration does not ignore the suffering of the people and has instructed relevant authorities to do their utmost to keep the public informed of the facts and the measures being taken,” he said.

He added that the government has been seeking to procure oil from sources outside the Middle East, noting that daily supply to meet consumption—estimated at 67 million litres before March 1 — has now risen to about 90 million litres.

This increase, he suggested, could be the result of hoarding.

He urged the public to remain confident in the government’s ability to manage the crisis and ensure sufficient fuel supplies during the Songkran holiday, while advising against panic buying or storing fuel in containers.