Table 1 Historical Controlled Retail Price Adjustment (1979-Present)

GovernmentsOil Price AdjustmentDateOil Fund Reserve
(B million)
Annual Inflation Rate (%)Oil Pricing Measures Attempted
Kriangsak (1)IncreaseMarch 9, 1978NA7.9- Increase gasoline price only
- Across-the-board oil price increase
- Marketing margin cut
- Tax level increase
Kriangsak (2)IncreaseMar. 22, 1979NA- Fuel oil price increase only
- Maintain tax level
Kriangsak (3)

Kriangsak (4)
Increase

Increase
July 4, 1979
Feb. 10, 1980
NA

NA
9.9

19.7
- Across-the-board oil price increase

- Tax level increase
Prem (1)DecreaseMar. 19, 1980NA19.7- Cut diesel, Kero and LPG prices
- Maintain gasoline, fuel oil prices
- Abolish LPG taxes
Prem (2)

Prem (3)
Increase

Increase
Jan. 21, 1981
Dec. 2, 1981
-1600

-4300


12.7
- Increase gasoline and fuel oil price at a much faster rate than diesel, kero and LPG prices.
- Slightly increase tax level
- Subsidize all oil products except gasoline
- Allow huge oil fund reserve deficit
Prem (4)







Prem (5)
Decrease

Decrease

Decrease

Decrease

Decrease
Mar. 29, 1983
Dec. 1, 1983
Feb. 21, 1986
Apr. 29, 1986
July 1, 1986
-2400



1460

1640

3887


3.75





1.85
- Narrow the price gap between gasoline and diesel
- Tax fuel oil and LPG
- Abolish two-tier pricing for LPG
- Continue to subsidize cooking LPG
ChatichaiDecreaseNov. 25, 198851823.85- Continue improving oil pricing structure
Chatichai19896440 (Feb.)
800 (Oct.)
5-6- Cutting taxes to maintain domestic oil price level amidst rapidly depleting oil fund reserve