Thailand ends fuel price caps, causing sharp price increases

Thailand has ended its government-controlled fuel price caps, leading to immediate price increases of up to 22% or about six baht per liter for some fuels. The government has rolled out a three-step plan in response, which includes some targeted fuel support, a freeze on public transport fares, and promoting a cheaper B20 biodiesel blend.

The Petroleum and Energy Institute of Thailand has denied that local oil refineries are profiting from the global price surge linked to the war in Ukraine. Prime Minister Prayut Chan-o-cha has stated the country is not at an emergency stage and has tried to calm fears about diesel prices reaching 60 baht per liter.