Energy Ministry Rushes to Unlock Diesel Exports as Fuel Stocks Overflow at 70-80%

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Summary · why it matters

The Energy Ministry is accelerating a proposal to the prime minister to unlock diesel exports after domestic stockpiles surged to 70-80% amid sluggish rainy-season demand, forcing refineries to cut production. The market views the move as slightly positive; if approved by early September it would come sooner than the previously expected fourth quarter of 2026 and would support refinery utilisation rates, adding roughly 0.5-1% to 2026 profits. Meanwhile, the MRT Blue Line has resumed full service at all stations from 5:30 a.m. after a short circuit in a 750-volt direct-current cable set damaged the power supply and signalling systems between Bang O and Kamphaeng Phet stations. Bangkok Expressway and Metro, or BEM, mobilised engineers for a full 12 hours of repairs and sent inspection cars along the tracks to test confidence. Separately, Chatchamongkhon Khemapirat, chief executive of Sriracha Construction Public Company Limited, or SRICHA, announced readiness for the second half of 2026 and into 2027, with a backlog from Thai Oil's Clean Fuel Project, or CFP, worth about 3.9 billion baht, and is pressing ahead to find new projects including LNG plants in Canada, Mozambique and Papua New Guinea, and markets in the Middle East such as Bahrain and Saudi Arabia. Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn unveiled a contingency plan for the Airport Rail Link operating contract due to expire at the end of September, preparing to negotiate a one-to-three-month extension, or if the private operator confirms handover on schedule, to let the State Railway of Thailand run the service itself, pending a conclusion from the SRT board. Siam Asset Public Company Limited, or SA, plans to offer three tranches of bonds with maturities of two years and one month to three years and three months, at fixed coupons of 7.15-7.45% per year, paying interest every three months, with subscriptions open on 25 and 28-29 September, to use the proceeds to repay existing bonds maturing in November 2026; the issue carries a TRIS Rating credit rating of BB.

Impact on assets 4

Industrials▲ · 2 stocks
Energy Transition & Power Demand▲ · 1 stocks
Thai Oil Public Company Limited
TOP
▲ PositiveRegulationrelevance

Energy Ministry move to unlock diesel exports would support refinery utilisation rates and add ~0.5-1% to 2026 profits, benefiting Thai Oil as a refiner.

Real Estate▲ · 1 stocks
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