KUALA LUMPUR - Thailand will reduce diesel prices by 2.14 baht per litre starting April 9, giving relief to motorists and businesses before the Songkran festival.

The Oil Fuel Fund Management Committee announced the price cut after the Energy Ministry revised the refinery pricing formula to reduce the burden on the public.

Energy Minister, Akanat Promphan said the Energy Policy Administration Committee approved a two baht per litre reduction in ex-refinery prices for B7 and B20 diesel.

He said the move also includes lower compensation rates as global oil prices fall, aimed at stabilising the Oil Fuel Fund, which still faces a deficit of more than 57 billion baht.

As a result, retail prices will drop to 48.40 baht per litre for B7 diesel and 43.40 baht per litre for B20 starting April 9.

Prices of other fuels remain unchanged, with Gasohol 95 at 43.95 baht per litre and Gasohol 91 at 43.58 baht per litre.

Akanat said cooperation from all parties is important as Thailand deals with ongoing changes in global energy markets and thanked the public and refinery operators for their support.

“Cooperation is the solution to every crisis. I would like to thank the Thai public for their understanding of the global situation and its impact, as well as refinery operators for helping to ease the burden on society.

“This collective effort not only reduces the cost of living but also supports Thailand’s economic momentum amid global volatility,” he said.

He added that the committee also approved a reduction in diesel subsidy rates in line with lower global oil prices.