Bangkok: The Minister of Energy announced a significant decrease in oil prices, with a reduction of 30-50 satang per liter set to take effect. This move is part of the Quick Big Win policy aimed at easing the financial burden on the public.
According to Thai News Agency, Minister of Energy Atthapol Rerkpiboon, who also serves as Chairman of the Oil Fund Management Committee, has directed a meeting of the Oil Fund to implement the price reduction. The decision follows a review of global oil prices, prioritizing the need to address the cost of living. Diesel prices will see a reduction of 50 satang per liter, while gasoline prices will drop by 30 satang per liter, effective from October 21, 2025.
The latest data indicates a decrease in global oil prices, with Dubai crude oil priced at US$61.32 per barrel, diesel at US$82.32 per barrel, and gasoline at US$77.59 per barrel. These reductions are attributed to decreased risks of attacks on Russia’s oil refinery network and eased diplomatic pressures on nations purchasing Russian oil. Additionally, the International Energy Agency forecasts a global oil oversupply due to OPEC+’s increased production and a slowdown in global energy demand.
Mr. Atthapol emphasized that the Quick Big Win policy aims to deliver rapid and tangible results to alleviate the public’s financial strain and boost the grassroots economy. He highlighted the connection between energy costs and people’s daily lives, noting a previous diesel price reduction earlier this month. The ongoing adjustments are made under the NBTC’s principles of transparency and accountability.
He further assured that the Quick Big Win policy will yield clear outcomes in reducing energy costs, managing energy prices transparently, and ensuring sustainable energy security for the nation.
The financial status of the Oil Fund has shown improvement, with a deficit standing at 14.754 billion baht. This consists of a positive oil account of 26.910 billion baht and a negative LPG account of 41.664 billion baht. The contribution rate reduction for gasoline will lower daily gasoline revenue to approximately 83.17 million baht, down from 92.79 million baht, while diesel revenue remains steady at about 61.70 million baht per day.