Bangkok, April 3 -- Thailand is grappling with its most severe energy crisis on record, with the Government moving to seize "windfall profits" from refineries to prevent a total collapse of the country's fuel subsidy mechanism.
Prasert Sinsukprasert, Permanent Secretary for Energy, revealed on April 3 that global diesel prices have surged to nearly 300 USD per barrel, almost triple the standard rate of 92 USD. The current volatility far outstrips the previous records set during the Russia-Ukraine conflict, which saw prices peak at 150 USD.
The crisis has left the state's Fuel Fund nearly 50 billion baht in deficit. Although the fund holds a 150-billion-THB credit line, officials warned that at the current rate of depletion, these resource...