Refinery stocks tumble as Royal Gazette cuts ex-refinery diesel price by 4 baht

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Summary · why it matters

Thai oil refinery stocks were heavily sold off after news that the government may introduce measures to intervene in retail fuel prices. On Wednesday, September 16, 2026, the Stock Exchange of Thailand index fell 15.93 points to close at 1,562.73 points. The stocks that clearly weighed on the market were TOP, SPRC, BCP, IRPC and PTTGC, all of which fell sharply by similar margins. Earlier, the Royal Gazette announced a cut in the ex-refinery price for high-speed diesel of 4 baht per litre, effective from September 16 to October 31, 2026. It is estimated that this will pressure the earnings and target prices of refinery stocks by about 3 to 4 percent in the short term, but will not change the direction of above-normal profits this year, because refining margins remain higher than the 10-year average amid tight supply. As for the impact on individual companies, SPRC has a pure-play refinery structure, so it is likely to take the full brunt of the blow. IRPC, although it has a petrochemical business, has a high proportion of diesel production, and its net profit is expected to fall by about 8 to 10 percent. BCP and TOP are affected at a moderate level, with TOP having a complex refinery structure and supplementary aromatics and lubricants businesses, so its profit is expected to fall by only about 4 to 5 percent. PTTGC, whose main revenue base comes from petrochemicals and chemicals, is therefore affected to a more limited degree than its peers in the group.

Impact on stocks 5

Energy▼ · 2 stocks
Star Petroleum Refining Co Ltd
SPRC
▼ NegativePricingrelevance

SPRC has a pure-play refinery structure and is likely to take the full brunt of the ex-refinery diesel price cut.

IRPC Public Company Limited
IRPC
▼ NegativePricingrelevance

IRPC has a high proportion of diesel production and its net profit is expected to fall 8-10% from the ex-refinery diesel price cut.

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

TOP's complex refinery structure and aromatics/lubricants businesses limit the profit hit to about 4-5% from the diesel price cut.

Materials▼ · 1 stocks
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