Thailand’s prime minister, Anutin Charnvirakul, has strongly criticized oil traders for "excessive profiteering," attributing the nation's fuel shortages and escalating prices to deliberate stockpiling and smuggling activities.

Charnvirakul stated that authorities have uncovered instances of fuel being hoarded or smuggled to neighbouring countries. This issue has reportedly cost the government approximately 50 billion baht, equivalent to $1.4 billion.

"This action (smuggling and stockpiling) amounts to excessive profiteering from rising oil prices during the global energy crisis," he remarked, identifying it as a primary cause of the fuel shortages experienced nationwide in recent weeks.

Evidence of hoarding and profiteering has been found among both large and medium-sized oil traders, affecting supplies on land and at sea, according to the prime minister.

Some seaborne fuel shipments were intentionally delayed to miss scheduled arrivals, allowing sellers to capitalize on anticipated retail price increases. Other shipments were diverted for stockpiling, with suspicions they were destined for neighbouring countries.

Minister of Justice Rutthaphon Naowarat reported that more than 57 million litres of fuel have gone missing during sea transportation routes in southern Thailand. The Department of Special Investigation is treating this matter as a special case, with ongoing investigations confirmed by the prime minister.

These allegations surface amidst widespread public discontent over successive fuel price hikes that occurred in late March and early April. Fuel prices in Thailand have now reached record levels, with unleaded gasoline priced at 57.51 baht ($1.76) per litre and diesel at 47.74 baht ($1.46) per litre.

The global energy crisis, exacerbated by the war in the Middle East following US and Israeli strikes on Iran on February 28, has led to supply disruptions and price volatility across Southeast Asia.

Vietnam has also implemented fuel price increases this week. The cost of diesel in Vietnam has risen to 46,200 dong ($1.8) per litre, marking an increase of over 140 per cent since late February. Regular gasoline prices are up more than 28 per cent since the war began, now at 25,970 dong ($1.0) per litre.

Hanoi has utilized its emergency fuel price stabilization fund and waived environmental taxes to mitigate the impact of rising fuel costs on its citizens.