← Star Petroleum Refining overview

Star Petroleum Refining vs IRPC: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Star Petroleum Refining Co Ltd (SPRC.BK)

Q3 2026
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SPRC Rallies on High Margins, Then Falls on Diesel Cap and Margin Collapse

  • Middle East Tensions Boost Oil Prices and Refining Margins Middle East tensions pushed Brent crude above $90–$100, lifting refining margins and sending SPRC shares up 8.63% in July. Thai refined oil exports also jumped 120% in July, supporting revenue.

    This was a key positive force driving SPRC's stock higher early in the quarter.

  • Strong Q2 Profit and Attractive Dividend Yield SPRC swung to a 6.9-billion-baht profit in Q2 and declared a 0.50-baht interim dividend. Brokers raised target prices up to 19.70 baht, citing a debt-free balance sheet and an 8–10% dividend yield.

    This fundamental strength attracted income-focused investors and supported the stock price.

  • Government Diesel Price Cap Cuts Profits Thailand's government capped diesel prices, reducing SPRC's Q3 profit by roughly 1.4 billion baht, with a later doubling of the cut to about 994 million baht. This regulatory move directly hurt earnings.

    This was a major negative event that weighed on SPRC's financial performance and stock price.

  • Singapore Refining Margins Collapse and Hidden Costs Emerge Singapore refining margins fell from over $20 to $9.2–10.6, and hidden costs added 3–6 baht per litre. Brokers began warning investors to avoid refinery stocks, pressuring SPRC shares.

    This sharp decline in industry margins and rising costs turned sentiment negative and drove the stock lower.

September 2026
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SPRC: Diesel Export Boost vs. Margin Collapse and Price Caps

  • Diesel export ban may end early Thailand's diesel export ban could be lifted sooner than expected, which would allow SPRC to sell more diesel abroad. Since SPRC produces a high share of diesel, this directly boosts its sales and profit.

    This is a new positive development that could increase SPRC's revenue and earnings.

  • Middle East tensions lift oil prices and refining margins Rising tensions in the Middle East pushed Brent crude toward $100–110 per barrel. Higher oil prices often lift refining margins, which means SPRC earns more from turning crude into fuels like diesel and gasoline.

    This new geopolitical event supports higher refining margins, a key profit driver for SPRC.

  • Broker upgrades on strong dividends TISCO raised its target price to 14.90 baht and CGSI to 16.5 baht, citing SPRC's attractive dividend yield of 8–10%. This makes the stock appealing to income-focused investors.

    New analyst upgrades and dividend appeal can attract buyers and support the stock price.

  • Refining margins collapse and diesel price cuts extended Singapore refining margins fell sharply to $9.2–10.6 from over $20, and the government extended and doubled diesel price cuts, cutting SPRC's profit by about 994 million baht. Brokers now warn to avoid refinery stocks.

    This new negative development directly reduces SPRC's profitability and has led to broker warnings.

Latest
▼2▲1

Government diesel price cuts and peaking refining margins pressure SPRC, but strong oil prices and dividends support

  • Government extends diesel price freeze, cutting SPRC profit by ~994 million baht Thailand's Energy Policy Committee extended the diesel ex-refinery price cut to 31 October 2027, reducing SPRC's profit by about 994 million baht. This government intervention directly lowers the price SPRC gets for its diesel, squeezing earnings and weighing on the stock.

    This is a new, concrete regulatory hit that directly reduces SPRC's profit and is a major negative driver.

  • Diesel price cut doubled to 4 baht, brokers warn to avoid refinery stocks The government increased the diesel ex-refinery price cut to 4.00 baht per litre, effective 16 September to 31 October 2026. SPRC shares fell 5% as brokers like Dao Securities advised avoiding refinery stocks, citing heightened policy risk and weaker Q3 earnings.

    This is a new escalation of the price cut that directly caused a sharp drop in SPRC's stock and negative broker sentiment.

  • CGSI rates SPRC Buy, raises target to 16.5 baht on strong GRM outlook CGS International Thailand recommends buying SPRC and raised its target price to 16.5 baht, lifting 2026-2028 EPS forecasts. It expects SPRC's refining margin to stay solid and sees the recent share price pullback as a buying opportunity, supporting the stock.

    This is a new analyst upgrade with a higher target price, providing a positive catalyst for SPRC's stock.

  • Broker says refining margin has peaked, but SPRC rated hold on attractive dividends Bualuang Securities says the Singapore refining margin has passed its peak and will fall to $8 per barrel in 2027. It recommends selling other refiners but maintains a hold on SPRC with a 14.60 baht target, citing attractive dividends of 8-10% in 2026.

    This is a new warning that the key profit driver (refining margin) is peaking, which is a negative, but SPRC's hold rating and dividend appeal provide some support.

▲3

SPRC lifted by diesel export restart, Middle East oil spike, broker upgrades

  • Diesel export ban may end early, boosting SPRC's high diesel yield Thailand's energy minister proposed lifting the diesel export ban by early September, months sooner than expected. SPRC makes a lot of diesel (37% of output), so it can sell more abroad at better prices, adding to 2026 earnings and supporting the stock.

    This is a new, concrete policy change that directly raises SPRC's sales and profit outlook.

  • Middle East conflict pushes Brent crude toward $100-$110, lifting refining margins Renewed US-Iran fighting and Strait of Hormuz shipping disruptions have pushed Brent crude to near $100-$110 a barrel. Higher crude prices usually widen the profit margin for refiners like SPRC, and analysts name it a top pick to benefit from tight energy supply.

    This is the main new force behind SPRC's move, as multiple fresh reports tie oil's surge to refinery stock gains.

  • TISCO raises SPRC target to 14.90 baht, sees 8% dividend yield TISCO turned positive on SPRC after strong first-half results, lifting 2026-2028 earnings forecasts by 18-29% and its fair value to 14.90 baht. It also raised the 2026 dividend estimate to 1.55 baht per share, about an 8% yield, calling SPRC the group's most attractive dividend play.

    A fresh analyst upgrade with higher earnings and dividend estimates directly supports the share price.

  • Singapore refining margin falls to $9.2-$10.6, a real drag Even as oil prices rise, the key Singapore refining margin has dropped sharply to about $9.2-$10.6 a barrel from over $20 earlier. That means SPRC earns less per barrel processed, a genuine counterweight to the bullish oil-price and export news.

    It is the main negative force this period and gives a fair, balanced picture of what is driving SPRC.

August 2026
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SPRC swings to profit, but diesel price caps and margin dip weigh

  • Q2 profit swing and interim dividend SPRC reported a Q2 net profit of 6.9 billion baht, a big turnaround from a loss, and paid an interim dividend of 0.50 baht per share. This shows the company is generating cash and rewarding shareholders.

    This is a major new financial result that directly boosts investor confidence and supports the stock price.

  • Broker upgrades and strong export demand Morgan Stanley raised its SPRC target price to 19.70 baht, citing strong 2026 profit forecasts. Thai refined oil exports jumped 120% in July, adding real demand support for SPRC's products.

    Analyst upgrades and surging exports are new positive catalysts that can drive the stock higher.

  • Diesel price cap to cut Q3 profit The government's 2.40 baht per litre diesel price cut is expected to reduce Q3 profit by about 1.4 billion baht. This directly squeezes SPRC's refining margin and limits profit growth.

    This is a new government action that threatens near-term earnings and acts as a drag on the stock.

  • Hidden costs and falling refining margins Hidden costs like crude premiums, freight, and insurance add 3–6 baht per litre, while Singapore refining margins slipped 7% week-on-week to $20.10. These pressures weigh on refinery stocks.

    These new cost and margin pressures offset positive factors and could keep the stock under pressure.

▲2▼1

Refining margins stay high, but diesel price cut and margin dip are real drags

  • Foreign brokers hike SPRC targets on tight global refining supply Morgan Stanley raised its SPRC target to 19.70 baht from 12.90, and KKPS lifted its 2026 Singapore refining margin forecast to $19.60 a barrel, raising SPRC's target 64% to 14.80 baht. Tight supply from Middle East and Russia refinery damage keeps margins high, pushing the stock up.

    This is the main new force lifting SPRC's price this period.

  • Government diesel price cut and falling margins squeeze profits The government approved a 2.40 baht per litre cut in ex-refinery diesel prices for 31 days, expected to hit SPRC's Q3 net profit by about 1.4 billion baht. Singapore refining margins also fell 7% week-on-week to $20.10, pressuring refinery stocks.

    This is the main counterweight that can pull SPRC's price down.

  • Thai refined oil exports boom, adding demand support July exports surged 21.6% year-on-year, with refined oil exports expanding 120%, benefiting SPRC and peers. Strong export demand for refined products supports refinery earnings and the stock.

    Shows a new demand-side driver for SPRC's products.

▲3▼1

SPRC swings to profit, pays dividend, as oil supply fears lift refining margins

  • SPRC swings to Q2 profit and pays interim dividend SPRC reported a second-quarter net profit of 6.9 billion baht, a big turnaround from a loss a year earlier, and will pay an interim dividend of 0.50 baht per share. This shows the company is generating strong cash and rewards shareholders, which supports the share price.

    This is the most concrete new event that directly affects SPRC's value and investor returns.

  • Middle East tensions keep oil supply tight, boosting refining margins Iran refuses to reopen the Strait of Hormuz until the US meets conditions, and Brent crude jumped 5% on stalled talks. Tight oil supply keeps crude prices high, which widens the profit margin for refiners like SPRC, pushing its shares up.

    This geopolitical force is the main driver behind higher refining margins and SPRC's profit surge.

  • Brokers raise target prices and profit forecasts on strong outlook Three brokers recommend buying SPRC with target prices up to 11.50 baht, citing higher refining margins and tight oil supply. They forecast 2026 profit to jump over 300% and see a high dividend payout, which attracts investors and lifts the stock.

    Analyst upgrades reflect and reinforce the positive earnings outlook, influencing investor sentiment and demand for the stock.

  • Hidden costs and government measures could squeeze margins Refiners face rising hidden costs like crude premiums, freight, and insurance, adding up to 3-6 baht per litre. Government measures to cap diesel prices and oil inventory losses also threaten profits, acting as a counterweight to the positive drivers.

    This is the main risk that could limit SPRC's profit growth and share price gains, providing a fair balance to the positive news.

July 2026
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SPRC jumps on Middle East oil supply fears, but government caps refining margins

  • Middle East tensions push oil above $90, boosting refining margins Iran's attacks on US bases and the US re-closure of the Strait of Hormuz have tightened oil supply, sending Brent above $90. This lifts refining margins for SPRC, as higher crude prices and product spreads mean more profit per barrel. SPRC shares jumped 8.63% on July 24, leading the refinery group.

    This is the main force driving SPRC's price up this period.

  • Government cuts diesel price, squeezing refinery margins Thailand's Energy Policy Committee lowered the ex-refinery diesel price by 2.40 baht per litre from July 24 to August 15, using surplus refining profits to fund the discount. This directly reduces SPRC's refining margin per barrel, acting as a cap on profits and share price gains.

    This is a new regulatory headwind that limits SPRC's upside.

  • Analyst raises SPRC target price on strong earnings outlook Krungsri Securities raised its SPRC target price to 11.50 baht, citing prolonged US-Iran tensions and the Strait of Hormuz closure. It expects 2026 profit to jump 303% to 14.87 billion baht. SPRC is debt-free and dividend yield is seen rising 15% over five years.

    This shows analyst confidence in SPRC's earnings power, supporting the stock.

  • Q2 energy profits seen down 26.6% year-on-year CGS International forecasts Thai energy sector Q2 2026 profits to fall 26.6% year-on-year due to weaker refining margins. However, SPRC is among stocks with the highest year-on-year profit growth (up 666.8%) from a low base last year, showing recovery potential.

    This provides a counterweight: past weak margins but strong rebound expected.

▲2▼1

SPRC jumps on Middle East oil supply fears, but government caps refining margins

  • Middle East tensions push oil above $90, boosting refining margins Iran's attacks on US bases and the US re-closure of the Strait of Hormuz have tightened oil supply, sending Brent above $90. This lifts refining margins for SPRC, as higher crude prices and product spreads mean more profit per barrel. SPRC shares jumped 8.63% on July 24, leading the refinery group.

    This is the main force driving SPRC's price up this period.

  • Government cuts diesel price, squeezing refinery margins Thailand's Energy Policy Committee lowered the ex-refinery diesel price by 2.40 baht per litre from July 24 to August 15, using surplus refining profits to fund the discount. This directly reduces SPRC's refining margin per barrel, acting as a cap on profits and share price gains.

    This is a new regulatory headwind that limits SPRC's upside.

  • Analyst raises SPRC target price on strong earnings outlook Krungsri Securities raised its SPRC target price to 11.50 baht, citing prolonged US-Iran tensions and the Strait of Hormuz closure. It expects 2026 profit to jump 303% to 14.87 billion baht. SPRC is debt-free and dividend yield is seen rising 15% over five years.

    This shows analyst confidence in SPRC's earnings power, supporting the stock.

  • Q2 energy profits seen down 26.6% year-on-year CGS International forecasts Thai energy sector Q2 2026 profits to fall 26.6% year-on-year due to weaker refining margins. However, SPRC is among stocks with the highest year-on-year profit growth (up 666.8%) from a low base last year, showing recovery potential.

    This provides a counterweight: past weak margins but strong rebound expected.

IRPC Public Company Limited (IRPC.BK)

Q3 2026
▲2▼2

IRPC Swings to Profit on Middle East Tensions, but Diesel Caps and Downgrade Weigh

  • Middle East Tensions Lift Refining Margins Middle East tensions and the Strait of Hormuz closure pushed refining margins to $13.6–$17.12 per barrel, helping IRPC swing to a Q2 profit and prompting analysts to raise forecasts and target prices up to 3.20 baht.

    This is the main positive force behind IRPC's swing to profit and improved sentiment.

  • ADNOC Stake Interest and PTT Partner Search ADNOC's interest in taking a stake, $100 Brent crude, and PTT's search for a partner boosted investor sentiment, while IRPC was exempt from new US tariffs, adding to the positive mood.

    These events improved sentiment and potential strategic backing for IRPC.

  • Government Diesel Price Cuts Cost Billions Government diesel price cuts cost IRPC roughly 794 million baht in 2026 and 2.5 billion baht in Q3, with the cap extended to October 2027 adding a 1.87-billion-baht impact and the Oil Fund's 92.3-billion-baht deficit posing further risk.

    This is a major financial drag that directly reduces IRPC's earnings.

  • Margin Dip and Downgrade Warn of Peak Refining margins dipped 7% weekly, petrochemical recovery lagged, and Bualuang downgraded IRPC, warning margins have peaked and may fall toward $8 per barrel in 2027.

    This signals a potential downturn in profitability and negative analyst sentiment.

September 2026
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ADNOC stake talk and $100 oil lift IRPC, but diesel cap and downgrade weigh

  • ADNOC may buy PTT refinery stake Reports that ADNOC may buy a stake in a PTT refinery lifted IRPC, as it could bring a deep-pocketed partner and strengthen the business.

    This is a new potential ownership catalyst that directly boosted sentiment.

  • Brent hits $100 and PTT seeks partners Brent crude reaching $100 per barrel and PTT's 1-trillion-baht plan to find partners to strengthen IRPC raised hopes for better margins and support.

    High oil prices and parent backing are new positive forces for the stock.

  • Diesel price cap extended to October 2027 The government extended the diesel price cap to October 2027, costing IRPC about 1.87 billion baht, while the Oil Fund's 92.3-billion-baht deficit raises the risk of more burdens on refiners.

    This is a new regulatory cost that directly hurts IRPC's earnings.

  • Analyst split: Globlex bullish, Bualuang bearish Globlex expects high oil prices and strong margins for six months, naming IRPC a beneficiary, but Bualuang downgraded IRPC, saying refining margins have peaked and will fall toward $8 per barrel in 2027, recommending selling on rallies with a 2.80 baht target.

    This shows the key debate over whether IRPC's margin strength can last, with opposing views.

Latest
▼3▲1

Government caps refinery profits, but oil stays high; IRPC caught in between

  • Government extends diesel price cap, cutting IRPC profit Thailand's Energy Policy Committee extended a cap on diesel refinery prices to October 2027, taking about 1.87 billion baht from IRPC's profit. This is a direct hit to earnings and cash flow, and the government has done this seven times, so investors worry it could keep happening.

    This is the biggest new negative event for IRPC, directly reducing its profit and creating policy risk.

  • Oil Fund deficit raises risk of more burden on refiners Thailand's Oil Fund deficit hit 92.3 billion baht and is heading past 100 billion. If the government shifts the burden to refiners, IRPC's marketing margins and profits could suffer further. This adds uncertainty on top of the existing price cap.

    It shows a new, separate risk that could compound the negative impact on IRPC's earnings.

  • Oil prices seen staying high for six months, helping refiners Globlex says oil will stay high for at least six months, with refining margins above $10 per barrel and diesel spreads around $50. It names IRPC as a beneficiary because it has both refining and petrochemical operations. High margins mean better profits for IRPC.

    This is a new positive view that directly supports IRPC's earnings through high refining margins.

  • Broker says refining margins have peaked, downgrades IRPC Bualuang Securities says the refining margin boom is over and will fall toward $8 per barrel in 2027 as supply grows faster than demand. It recommends selling IRPC on rallies with a 2.80 baht target. This warns investors that IRPC's recent profit boost may not last.

    This is a new, direct downgrade that challenges the positive oil-price view and points to lower future profits.

▲3

ADNOC stake talks and $100 oil lift IRPC; PTT support adds tailwind

  • ADNOC in talks to buy PTT refinery stake, including IRPC Reports say Abu Dhabi's ADNOC is in talks to invest in PTT Group's refining business, possibly including IRPC. A partner could bring crude supply deals and global sales reach, unlocking value. IRPC shares rose 3.33% on the news. No official confirmation yet, so the gain could fade if talks stall.

    This is the biggest new catalyst directly naming IRPC and explaining its recent share price jump.

  • Brent crude hits $100 on Middle East tensions and China demand Brent crude rose 3.4% to $100 a barrel, the highest since May, on Middle East supply worries and recovering Chinese demand. Higher oil prices usually lift refining margins and profits for IRPC. InnovestX calls it a short-term positive for energy stocks including IRPC.

    Rising oil prices directly drive IRPC's refining margins and earnings, a core reason the stock is moving.

  • PTT's 1 trillion baht plan seeks partners to strengthen IRPC PTT unveiled a five-year, 1 trillion baht investment plan and is looking for partners to strengthen IRPC, TOP and PTTGC. Parent PTT also reported strong group refinery use and recovering petrochemical margins. This signals strategic support for IRPC, though no specific deal or money has been committed yet.

    Shows parent-company backing that can improve IRPC's competitiveness and investor confidence.

  • Middle East conflict cuts both ways for IRPC Tensions after the US attack near the Strait of Hormuz pushed oil and refining margins higher, helping IRPC. But the same conflict raises inflation fears and US bond yields, which could pull money out of stocks. So the war is a plus for energy prices but a risk for overall market sentiment.

    Gives the fair counterweight: the same conflict lifting IRPC's margins also threatens the broader market.

August 2026
▲2▼2

IRPC swings to Q2 profit, but diesel price cut and margin dip weigh

  • Q2 profit turnaround beats expectations IRPC swung to a Q2 2026 net profit of 2.92 billion baht from a loss last year, with revenue up 42% and market GIM jumping to $17.12 per barrel. This confirms the earnings recovery and supports the stock.

    This is the core new event that directly drove the stock higher this period.

  • Analysts upgrade targets after strong results InnovestX raised its 2026 profit forecast and target price to 2.30 baht, and Globlex upgraded to buy with a 3.20 baht target, citing stronger-than-expected core profit. These upgrades attract buyers and lift the share price.

    Analyst upgrades are a direct new catalyst for the stock price this period.

  • Government diesel price cut to hit Q3 profit Thailand approved another 2.40 baht per litre cut in ex-refinery diesel price for 31 days, the sixth such move. This is expected to reduce IRPC's Q3 2026 net profit by about 2.5 billion baht, a real headwind.

    This is a new regulatory action that directly pressures future earnings and the stock.

  • Refining margins dip as Middle East risk persists Singapore refining margins fell 7% week-on-week to $20.1 per barrel, and olefins spreads also declined, pressuring refinery stocks including IRPC. While oil prices stay high on Middle East tensions, weaker product spreads hurt near-term profitability.

    This is a new market development that weighs on IRPC's earnings outlook.

▲2▼2

IRPC swings to Q2 profit, but diesel price cut and margin dip weigh

  • Q2 profit turnaround beats expectations IRPC swung to a Q2 2026 net profit of 2.92 billion baht from a loss last year, with revenue up 42% and market GIM jumping to $17.12 per barrel. This confirms the earnings recovery and supports the stock.

    This is the core new event that directly drove the stock higher this period.

  • Analysts upgrade targets after strong results InnovestX raised its 2026 profit forecast and target price to 2.30 baht, and Globlex upgraded to buy with a 3.20 baht target, citing stronger-than-expected core profit. These upgrades attract buyers and lift the share price.

    Analyst upgrades are a direct new catalyst for the stock price this period.

  • Government diesel price cut to hit Q3 profit Thailand approved another 2.40 baht per litre cut in ex-refinery diesel price for 31 days, the sixth such move. This is expected to reduce IRPC's Q3 2026 net profit by about 2.5 billion baht, a real headwind.

    This is a new regulatory action that directly pressures future earnings and the stock.

  • Refining margins dip as Middle East risk persists Singapore refining margins fell 7% week-on-week to $20.1 per barrel, and olefins spreads also declined, pressuring refinery stocks including IRPC. While oil prices stay high on Middle East tensions, weaker product spreads hurt near-term profitability.

    This is a new market development that weighs on IRPC's earnings outlook.

July 2026
▲2▼1

IRPC swings to profit on Middle East supply shock, but diesel price cut and weak petrochemical recovery temper gains

  • Middle East tensions lift refining margins, driving Q2 profit turnaround Renewed Middle East tensions and the closure of the Strait of Hormuz have tightened global oil product supply, pushing IRPC's gross refining margin to $13.6 per barrel. This is expected to swing Q2 2026 net profit to 2.7 billion baht from a loss a year earlier, a big positive for the stock.

    This is the core reason IRPC is moving: a sharp profit turnaround from surging refining margins.

  • Analysts raise 2026 profit forecasts and target prices Krungsri and KGI both lifted their 2026 profit forecasts for IRPC, with KGI raising its target price to 2.20 baht and Krungsri to 2.40 baht. The upgrades reflect stronger-than-expected product spreads and a brighter earnings outlook, which supports the share price.

    Analyst upgrades directly influence investor expectations and the stock's valuation.

  • Government diesel price cut squeezes refinery margins Thailand's Energy Policy Committee cut the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August, which is expected to reduce IRPC's 2026 profit by about 794 million baht. This is a short-term headwind for refinery stocks, though global margins remain elevated.

    This is a concrete negative event that pressures IRPC's earnings and share price.

  • Petrochemical recovery slower than peers, but US tariff exemption helps IRPC's petrochemical profit recovery is weaker than expected because it couldn't fully raise selling prices due to pre-existing contracts, and operating costs remain high. However, IRPC is exempt from the new 12.5% US tariff on Thai exports, which eases pressure on oil and refinery stocks.

    This captures the main counterweight to the positive refining story and a supportive trade factor.

▲2▼1

IRPC swings to profit on Middle East supply shock, but diesel price cut and weak petrochemical recovery temper gains

  • Middle East tensions lift refining margins, driving Q2 profit turnaround Renewed Middle East tensions and the closure of the Strait of Hormuz have tightened global oil product supply, pushing IRPC's gross refining margin to $13.6 per barrel. This is expected to swing Q2 2026 net profit to 2.7 billion baht from a loss a year earlier, a big positive for the stock.

    This is the core reason IRPC is moving: a sharp profit turnaround from surging refining margins.

  • Analysts raise 2026 profit forecasts and target prices Krungsri and KGI both lifted their 2026 profit forecasts for IRPC, with KGI raising its target price to 2.20 baht and Krungsri to 2.40 baht. The upgrades reflect stronger-than-expected product spreads and a brighter earnings outlook, which supports the share price.

    Analyst upgrades directly influence investor expectations and the stock's valuation.

  • Government diesel price cut squeezes refinery margins Thailand's Energy Policy Committee cut the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August, which is expected to reduce IRPC's 2026 profit by about 794 million baht. This is a short-term headwind for refinery stocks, though global margins remain elevated.

    This is a concrete negative event that pressures IRPC's earnings and share price.

  • Petrochemical recovery slower than peers, but US tariff exemption helps IRPC's petrochemical profit recovery is weaker than expected because it couldn't fully raise selling prices due to pre-existing contracts, and operating costs remain high. However, IRPC is exempt from the new 12.5% US tariff on Thai exports, which eases pressure on oil and refinery stocks.

    This captures the main counterweight to the positive refining story and a supportive trade factor.

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