(Bangkok, Thailand, 4th) Thai Prime Minister Anutin has slammed oil traders for “profiteering,” blaming those who hoard fuel or smuggle it abroad for causing fuel shortages and pushing up oil prices.
On Friday (April 3), Anutin said: “Authorities have found that some people are hoarding fuel and smuggling it to neighboring countries.” He added that this issue has caused the government a loss of 50 billion baht (about 5.67 billion ringgit).
According to AFP, he said: “Such behavior (smuggling and hoarding) amounts to profiteering from rising oil prices during the global energy crisis.” He said this was “the main reason for the nationwide fuel shortage in recent weeks.”
He also said that evidence had been found of large and medium-sized oil traders hoarding fuel and profiteering, both on land and at sea.
Anutin pointed out that certain shipments by sea had been deliberately delayed, causing fuel to not arrive on time, thereby allowing sellers to wait for retail prices to go up. Other shipments were being transferred and hoarded, believed to be ultimately destined for neighboring countries.
Justice Minister Ruathapong stated that, reportedly, during maritime shipments in southern Thailand, more than 57 million liters of fuel had gone missing.
According to the Prime Minister, the Department of Special Investigation has already listed the matter as a special investigation case.
Accusations of fuel hoarding have emerged as consecutive fuel price hikes in late March and early April led to strong public protests.
Thailand's fuel prices have reached historic highs, with unleaded gasoline at 57.51 baht per liter (about 7.15 ringgit), and diesel at 47.74 baht per liter (about 5.92 ringgit).
On Friday (April 3), Anutin said: “Authorities have found that some people are hoarding fuel and smuggling it to neighboring countries.” He added that this issue has caused the government a loss of 50 billion baht (about 5.67 billion ringgit).
According to AFP, he said: “Such behavior (smuggling and hoarding) amounts to profiteering from rising oil prices during the global energy crisis.” He said this was “the main reason for the nationwide fuel shortage in recent weeks.”
Anutin pointed out that certain shipments by sea had been deliberately delayed, causing fuel to not arrive on time, thereby allowing sellers to wait for retail prices to go up. Other shipments were being transferred and hoarded, believed to be ultimately destined for neighboring countries.
Justice Minister Ruathapong stated that, reportedly, during maritime shipments in southern Thailand, more than 57 million liters of fuel had gone missing.
According to the Prime Minister, the Department of Special Investigation has already listed the matter as a special investigation case.
Accusations of fuel hoarding have emerged as consecutive fuel price hikes in late March and early April led to strong public protests.
Thailand's fuel prices have reached historic highs, with unleaded gasoline at 57.51 baht per liter (about 7.15 ringgit), and diesel at 47.74 baht per liter (about 5.92 ringgit).