Bangchak Corporation Public Company LimitedGovernment-ordered 4 baht/litre cut in ex-refinery diesel price squeezes Bangchak's refining margins.
Refinery stocks fell sharply, led by TOP, BCP and IRPC, after the Royal Gazette announced a 4 baht per litre cut in the ex-refinery price of diesel, effective from 16 September to 31 October 2026. Shares of Thai Oil Public Company Limited, or TOP, fell 6.44%, or 4.25 baht, to 61.75 baht, with trading value of 1.54 billion baht. Shares of Bangchak Corporation Public Company Limited, or BCP, fell 5.29%, or 3 baht, to 53.75 baht, with trading value of 1.412 billion baht. Shares of IRPC Public Company Limited, or IRPC, fell 8.78%, or 0.26 baht, to 2.70 baht, with trading value of 617 million baht. Phillip Securities noted that refinery stocks are likely to see only limited benefit from the rise in crude oil prices following the announcement of the ex-refinery diesel price cut.
Bangchak Corporation Public Company LimitedGovernment-ordered 4 baht/litre cut in ex-refinery diesel price squeezes Bangchak's refining margins.
Thai Oil Public Company LimitedThai Oil is hit by the government's 4 baht/litre cut in ex-refinery diesel price, hurting refining margins.
IRPC Public Company LimitedThe mandated ex-refinery diesel price cut directly pressures IRPC's refining margins.
Phillip Securities is cited only for its analyst note that refinery stocks will see limited benefit from rising crude prices.