Thai Prime Minister Anutin Charnvirakul yesterday 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,” he said, adding that the problem had cost the government 50 billion baht (US$1.53 billion).
“This action [smuggling and stockpiling] amounts to excessive profiteering from rising oil prices during the global energy crisis,” Anutin said, calling it “a major factor behind the nationwide fuel shortages seen in recent weeks.”
Photo: EPA
Evidence of hoarding and profiteering among large and medium-sized oil traders had been found on land and at sea, he said.
Some seaborne shipments had been deliberately delayed so fuel would not arrive on schedule, allowing sellers to wait for retail price increases, Anutin said.
Other shipments had been diverted for stockpiling and were thought to be destined for neighboring countries, the prime minister added.
More than 57 million liters of fuel were reported missing during sea transportation in southern Thailand, Thai Minister of Justice Rutthaphon Naowarat said.
Anutin said the Thai Department of Special Investigation is pursuing the matter as a special case and investigations are underway.
The allegations of stockpiling come amid public outcry over successive fuel price hikes. Fuel prices have reached record highs, with unleaded gasoline at 57.51 baht per liter and diesel at 47.74 baht.
The war in the Middle East, triggered by US and Israeli strikes on Iran in February, has caused disruptions to oil and gas supplies, and price fluctuations across much of Southeast Asia.
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