BANGKOK — The amount of fuel oil that has gone missing at sea could be more than 57 million litres, and it was off-loaded from oil tankers onto smaller vessels over 96 trips, Justice Minister Rutthapon Naowarat said today.

Authorities Probe Mystery Loss of 57 Million Litres of Fuel in Surat Thani

The minister did not provide details about the destination or destinations of the fuel, nor who is believed to be involved in the illegal operation, which is currently being investigated by the Department of Special Investigation. Rutthapon called a meeting today with DSI Director-General Yutthana Praedam for an update on fuel hoarding cases and the missing fuel oil en route to oil depots in southern provinces.

Concerns Over Refining Margins

Meanwhile, Democrat deputy leader Korn Chatikavanij said in a Facebook post that he would like to present information about the Gross Refining Margin, which may be useful to Finance Minister Ekniti Nitithanprapas and his committee tasked with handling the current oil crisis.

Korn said he is concerned about why Prime Minister Anutin Charnvirakul is worried that oil refiners may stop refining oil. The Democrat party-list MP noted that he recently found a report by the Oil Fuel Fund Administration Institute about the oil crisis in July 2008 and found it made interesting reading in light of the current situation.

2008 vs Today

Back then, Dubai crude was priced at US$137 per barrel — higher than today’s US$128 — due to sharp increases in demand for oil by China and concerns that Israel might attack Iran. The ex-refinery price then was 36.65 baht per litre, compared to today’s 55.67 baht per litre, and the pump price then was 42.24 baht per litre, compared to today’s 50.54 baht per litre.

Korn pointed out that in 2008, the Oil Fuel Fund provided a subsidy of only 1.57 baht per litre, compared to today’s 14.27 baht per litre, adding that crude oil then was priced 7 percent higher than today, but the ex-refinery price was 34 percent — or 19 baht per litre — cheaper.

“Why was it that crude oil then was more expensive, but both the ex-refinery and pump prices were much lower with a lower subsidy?” he asked.

Tax and Margin Discrepancies

The answer lies, in part, in the fact that the excise tax in 2008 was just 2.40
baht per litre, compared to today’s 6.92 baht per litre, and the GRM then was 2.27 baht per litre, compared to today’s 15.99 baht per litre. The claim that the high GRM is due to the higher cost of crude oil is therefore incorrect, Korn said, adding that he believes the GRM has not increased substantially as claimed by the refineries.

Government Urged to Stand Firm

It is unarguable that oil prices must increase because global oil prices increase, but domestic oil prices should not increase as much as they have — whether due to the excise tax or the GRM, Korn said, urging the government not to be cowed by the refiners’ threat to shut down their facilities.

DSI to Summon PC Siam Petroleum Over Alleged Oil Hoarding in Surat Thani

As the DSI continues to investigate the missing 57 million litres of fuel and the broader hoarding allegations, the debate over refining margins, taxes and subsidies has intensified — with opposition politicians and consumer advocates demanding greater transparency from an industry under unprecedented scrutiny.

-Thailand News (TN)