Thailand's Prime Minister Anutin Charnvirakul has accused oil traders of excessive profiteering and smuggling amid rising fuel prices. He cited fuel stockpiling and delays in shipments as contributing factors to the shortages and price hikes. The government is investigating alleged hoarding and smuggling operations while Vietnam also faces similar challenges with soaring fuel prices attributed to the conflict in the Middle East. The Prime Minister is taking action to address these issues and stabilize fuel prices for consumers.
Bangkok Thailand 's prime minister on Friday slammed oil traders for excessive profiteering blaming those stockpiling fuel or smuggling it abroad for shortages that have driven prices steadily higher. Authorities have found cases of fuel stockpiling and smuggling for sale in neighboring countries Prime Minister Anutin Charnvirakul said adding the problem had cost the government 50 billion baht US$1.4 billion.
This action smuggling and stockpiling amounts to excessive profiteering from rising oil prices during the global energy crisis he said calling it a major factor behind the nationwide fuel shortages seen in recent weeks. Evidence of hoarding and profiteering among large and medium sized oil traders had been found on land and at sea he said. Anutin said some seaborne shipments had been deliberately delayed so fuel would not arrive on schedule allowing sellers to wait for retail price increases. Other shipments had been diverted for stockpiling and were thought to be destined for neighbouring countries. More than 57 million litres of fuel were reported missing during sea transportation in southern Thailand Minister of Justice Rutthaphon Naowarat said. The Department of Special Investigation is pursuing the matter as a special case and investigations are underway according to the prime minister. The allegations of stockpiling come amid public outcry over successive fuel price hikes in late March and early April. Fuel prices in Thailand have reached record highs with unleaded gasoline at 57.51 baht US$1.76 per litre and diesel at 47.74 baht US$1.46. The war in the Middle East triggered by US and Israeli strikes on Iran on February 28 has caused disruptions to oil and gas supplies and price fluctuations across much of Southeast Asia. Vietnam also hiked fuel prices again this week bringing the cost of diesel to 46200 dong US$1.8 per litre up more than 140 per cent since late February. The price of regular gasoline meanwhile was up more than 28 per cent since the start of the war to 25970 dong US$1.0 per litre. Hanoi has dipped into an emergency fuel price stabilisation fund and scrapped environmental taxes to ease pressure on fuel prices
Fuel Prices Oil Traders Thailand Profiteering Smuggling
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