Krungsri sees short-term volatility in refinery stocks after Energy Policy Committee cuts diesel price by 2.40 baht per litre

Industry
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Summary · why it matters

Krungsri Securities Research has a negative short-term view on refinery stocks after the Energy Policy Committee reduced the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August 2026. It views that the higher discount request will cause operators to miss opportunities during a period of tight refined product supply, and reflects the government's desire to intervene and capture excess profits, becoming a factor pressuring share prices. This comes alongside sharp share price gains over the past month, with SPRC up 38.7 percent, BCP up 40.6 percent, TOP up 42.5 percent, and IRPC up 34.5 percent, making short-term volatility likely. However, in the long term, the research unit maintains a positive view due to still-tight refined product supply and the potential for refining margins to stay above the 10-year average, with SPRC as the top pick.

Impact on stocks 4

Energy Transition & Power Demand▼ · 2 stocks
Energy▼ · 2 stocks
IRPC Public Company Limited
IRPC
▼ NegativeRegulationrelevance

Energy Policy Committee cuts diesel price by 2.40 baht/litre, pressuring refinery margins and share prices.

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