The Fuel Fund Executive Board has approved a subsidy and will use a refinery margin discount of 2.40 baht per litre to manage and freeze retail prices for all diesel and gasoline products, preventing them from rising in line with global markets, from 24 July to 15 August 2026. The total cost is estimated at 3.892 billion baht. This decision comes in response to surging global oil prices driven by conflict in the Middle East and the blockade of shipping routes in the Red Sea. Diesel prices in the Singapore market have soared to 167.62 US dollars per barrel, while gasoline has reached 128.33 US dollars per barrel, equivalent to an increase of around 8 to 10 baht per litre over the past one to two weeks. The board stated that this measure acts as a shock absorber to ease the cost-of-living burden on the public and will continue to monitor the situation closely.