Easing of fuel subsidies sparks winners and losers among stocksThailand's move to rein in petrol price subsidies is likely to reshape sector dynamics, with fuel retailers emerging as key beneficiaries, while the transport, retail and tourism sectors face rising cost pressures, analysts say. According to Paradorn Tiaranapramote, first vice-president of research at ASPS, companies with strong exposure to the retail fuel segment are likely to benefit the most. PTG Energy (PTG) is seen as the primary beneficiary, given its heavy reliance on retail fuel sales and high diesel exposure, which accounts for 71% of total sales volume. As the Oil Fuel Fund is still running at a significant deficit, analysts expect a further uptick in local petrol prices. "While it supports margin recovery for fuel retailers, it also introduces broader cost pressures across the economy, reinforcing a more selective investment landscape in the near term."

Source: Bangkok Post March 26, 2026 18:04 UTC