Government cuts diesel refinery price by 4 baht, dragging refinery stocks' profits down 3-4%

RegulationPrice ActionCommodity
โดย ทันหุ้น·TH·Read original
Summary · why it matters

The Energy Policy Administration Committee announced a reduction of 4 baht per litre in the ex-refinery price of high-speed diesel, effective from 16 September to 31 October 2026. This sent refinery stocks falling sharply, with Thai Oil, or TOP, dropping 4.17%, or 2.75 baht, to close at 63.25 baht per share, and SPRC falling 3.60%, or 0.50 baht, to close at 13.70 baht per share. Suwat Sinsadok, managing director of Global Securities, told Than Hoon that the measure affects TOP and BCP the most, since the two together account for more than 50% of the country's total oil production capacity. Based on diesel output of the main refineries of 20 million litres per day, the impact is worth 80 million baht per day, and the total damage over the entire period of the measure is around 3 billion baht, cutting the refinery group's net profit by about 3-4%. Analysts at Bualuang Securities said the resolution of 14 September 2026, which cut the ex-refinery price by more than the resolution of 3 September 2026, counts as a negative surprise from continuous and increasing government intervention, and will remain a pressure factor on refinery stocks.

Impact on stocks 4

Energy Transition & Power Demand▼ · 2 stocks
Thai Oil Public Company Limited
TOP
▼ NegativeRegulationrelevance

TOP dropped 4.17% and is named as most affected by the diesel price cut, which trims refinery group net profit 3-4%.

Energy▼ · 1 stocks
Star Petroleum Refining Co Ltd
SPRC
▼ NegativeRegulationrelevance

SPRC fell 3.60% as the government's 4-baht ex-refinery diesel price cut squeezes refinery margins and profits.

Financials▲ · 1 stocks
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