Thailand braces for oil price shockThai energy officials are intensifying measures to shield the country from a crisis reminiscent of the outbreak of the Russia-Ukraine war in 2022, as mounting tensions between Iran, Israel and the US raise fears of global oil supply disruptions and economic instability. Authorities are working with power companies to avoid a repeat of the sharp price hikes that followed Russia’s invasion of Ukraine, said an energy official who requested anonymity. In March 2022, global crude oil surged to nearly US$140 a barrel, according to media reports. The surge in global energy prices forced the government to tap the Oil Fuel Fund to cushion the impact, subsidising domestic oil and liquefied petroleum gas costs. After gas prices stabilised, consumers had to repay part of the money through electricity bills to reimburse Egat and PTT.

Source: Bangkok Post March 02, 2026 12:45 UTC