Politics
Thailand’s Ministry of Energy Monitors Global Oil Price Surge Amid US-Iran Conflict
Rising global oil prices following renewed US-Iran hostilities have prompted the Thai Ministry of Energy to promote E20 fuel as a cost-effective alternative for consumers.
According to Khaosod Online Thailand, the Thai Ministry of Energy is closely monitoring global oil market volatility following the resumption of hostilities between the United States and Iran. This geopolitical tension has caused a significant upward trend in global crude oil prices. Brent crude has risen from $88.13 to $94.65 per barrel (a 7.4% increase), WTI crude climbed from $83.38 to $90.22 (an 8.2% increase), and Dubai crude increased from $82.70 to $88.75 per barrel (a 7.32% increase).
Weerapat Kiatfuengfoo, Deputy Permanent Secretary and spokesperson for the Ministry, stated that the ministry anticipates continued high volatility and potential further price hikes. To mitigate the impact on the public, the government is currently promoting the use of E20 fuel, which offers savings of approximately 5 baht per liter.
For residents and travelers in Thailand, these global shifts may influence local fuel costs and transportation expenses. The government continues to implement support measures, including refinery-gate price reductions effective until September 15, 2026, and the utilization of the Oil Fuel Fund, despite its current deficit. It remains to be confirmed how long these price fluctuations will persist and whether additional government subsidies will be introduced beyond the current mid-September deadline.