Why does fuel cost more at the pump than crude oil or refinery prices suggest? In Thailand, the pump price starts with a calculated wholesale price, then adds taxes, fund adjustments, VAT, and a marketing margin.
That’s why a crude oil quote alone can’t tell you what you’ll pay per liter. The components also vary by fuel type and date, so a published example is a snapshot, not today’s price. EPPO’s breakdowns make each part visible, helping you follow how a listed figure is built. Start with the key components behind the calculation.
Key Takeaways
- Thai pump prices start with an ex-refinery figure that includes the refined product and its biofuel blend, not just crude oil.
- Excise tax, municipal tax, and Oil Fuel Fund adjustments shape the wholesale subtotal; fund support can reduce it.
- A 7% VAT applies to the wholesale subtotal and marketing margin before the retail price is calculated.
- Marketing margin covers costs and returns for oil traders and station operators, so it varies by fuel grade.
- EPPO price tables are dated snapshots, and Bangkok figures may differ from prices posted elsewhere in Thailand.
How Thai Fuel Prices Are Actually Calculated
EPPO’s price structure shows how a fuel price builds from wholesale costs to the pump. Each listed figure is in baht per liter, and the values can change by fuel type and date. The calculation follows a clear sequence: establish the ex-refinery figure, adjust it with taxes and fund entries, then add VAT and the marketing margin.
Start with the ex-refinery price, not the crude oil quote
The ex-refinery price is the starting figure in EPPO’s calculation. It covers the refined petroleum product and its biofuel blend, such as ethanol in gasoline or biodiesel in diesel. EPPO calculates this figure under Energy Policy Committee criteria, so it does not necessarily match the actual price an oil operator paid.
Crude oil prices alone can’t predict what drivers will pay. Refining costs and the value of the finished fuel affect the ex-refinery figure, while biofuel blends can differ across products. The calculation then adds taxes, fund adjustments, VAT, and the marketing margin.
Taxes and fuel funds can add to or reduce the subtotal
After the ex-refinery price, the calculation accounts for any listed discount, excise tax, municipal tax, the Oil Fuel Fund, and the conservation fund. Excise tax and municipal tax are separate government tax lines. The fund entries are separate adjustments, so they shouldn’t be treated as taxes.
The Oil Fuel Fund amount can be positive or negative. A positive contribution adds to the subtotal; a negative figure indicates compensation that lowers it. For example, EPPO’s Bangkok structure for Gasohol 95 E10 on October 27, 2026, showed an Oil Fuel Fund amount of -฿1.31 per liter and a conservation-fund amount of ฿0.05 per liter. These are dated figures, not permanent rates. Tax and fund amounts can vary across fuel types and dates.
The wholesale subtotal before VAT is calculated this way:
Wholesale before VAT = ex-refinery price – listed discount + excise tax + municipal tax + Oil Fuel Fund contribution or compensation + conservation-fund contribution.
For that Gasohol 95 E10 example, the listed ex-refinery price was ฿29.774159 per liter, with no discount shown. Adding ฿6.75 in excise tax, ฿0.675 in municipal tax, -฿1.31 for the Oil Fuel Fund, and ฿0.05 for the conservation fund produces a wholesale subtotal of about ฿35.94 per liter.
VAT and the marketing margin complete the pump-price calculation
EPPO’s structure lists two separate VAT entries, each calculated at 7%: one on the wholesale subtotal and another on the marketing margin. First, add the wholesale VAT to the subtotal. Next, add the marketing margin and its VAT to reach the listed retail price.
The marketing margin is not simply profit. EPPO defines it as the retail price before VAT minus the wholesale price, and the figure includes costs and returns for oil traders and station operators. Those costs can include fuel transport, staff, utilities, and station expenses. The margin can differ by product.
In the Gasohol 95 E10 example, 7% VAT on the ฿35.94 wholesale subtotal adds about ฿2.52. The marketing margin was about ฿3.35, with roughly ฿0.23 in VAT on that margin. Together, these amounts bring the listed retail price to ฿42.04 per liter. The example is a Bangkok price structure for October 27, 2026, not a current quote for every date or location.
What a Published Thai Price Breakdown Looks Like in Practice
EPPO’s Bangkok price structure dated October 27, 2026, shows how individual components combine into a listed retail figure. The example below is a dated snapshot, not today’s price or a nationwide quote. EPPO publishes fuel-price information on its official website.
Follow Gasohol 95 E10 from wholesale components to ฿42.04 per liter
The table shows EPPO’s figures for Gasohol 95 E10. Amounts are in baht per liter; the final retail figure is rounded to two decimal places.
| Price component | Amount |
|---|---|
| Ex-refinery price | ฿29.774159 |
| Excise tax | ฿6.75 |
| Municipal tax | ฿0.675 |
| Oil Fuel Fund | −฿1.31 |
| Conservation fund | ฿0.05 |
| Wholesale before VAT | ฿35.9392 |
| VAT on wholesale | ฿2.515744 |
| Marketing margin | ฿3.350561 |
| VAT on marketing margin | ฿0.234539 |
| Displayed retail price | ฿42.04 |
First, add the ex-refinery price, taxes, and fund entries: ฿29.774159 + ฿6.75 + ฿0.675 − ฿1.31 + ฿0.05. The result is ฿35.939159, which EPPO displays as ฿35.9392 wholesale before VAT. The negative Oil Fuel Fund figure reduces the subtotal.
Next, 7% VAT on that wholesale amount adds ฿2.515744. Adding the wholesale subtotal and its VAT gives about ฿38.4549. Then the ฿3.350561 marketing margin and ฿0.234539 VAT on that margin bring the calculation to approximately ฿42.04 per liter.
The detailed figures reveal why the published retail price may not match a sum made from rounded numbers. EPPO carries more decimal places through the calculation, then rounds the displayed retail figure. So the listed ฿42.04 is the rounded result, not a claim that every component appears at that precision on a pump sign.
Compare it with Gasohol 91 without assuming every fuel is the same
In the same-date Bangkok example, Gasohol 91 had an ex-refinery price of ฿29.352647 and a marketing margin of ฿3.426356. The listed excise tax, municipal tax, Oil Fuel Fund amount, and conservation-fund amount matched those for Gasohol 95 E10: ฿6.75, ฿0.675, −฿1.31, and ฿0.05 per liter.
Those entries produce a wholesale subtotal of about ฿35.5176 before VAT. EPPO lists ฿2.486232 in wholesale VAT, ฿0.239845 in VAT on the marketing margin, and a final retail figure of ฿41.67 per liter. The two grades differ in both ex-refinery price and marketing margin, which changes their final totals even when the listed taxes and fund figures match.
This comparison applies only to these two products in this dated Bangkok table. It doesn’t rank all Thai fuels, and it shouldn’t be treated as a current price comparison for other dates or locations.
Why Thai Pump Prices Change by Fuel, Date, and Location
A Thai pump price depends on more than the cost of refined fuel. The blend, product-specific taxes and fund entries, the date of the published structure, and the price posted at a local station can all affect what drivers see.
Different fuel blends have different underlying costs
Ethanol and biodiesel blend shares affect the ex-refinery component in EPPO’s price structure. Gasoline grades may contain different ethanol blends, while diesel products can have different biodiesel content. Their ex-refinery figures therefore shouldn’t be treated as interchangeable.
Other components can differ by product, too. Excise tax, fund treatment, and the marketing margin may vary across grades or fuel types. In EPPO’s October 27, 2026, Bangkok table, Gasohol 95 E10 and Gasohol 91 had different ex-refinery prices and marketing margins, even though several listed tax and fund amounts matched. Those figures apply to the products and date in that table, not to every gasoline or diesel price. EPPO explains the components in its published fuel-price structure definitions.
Bangkok figures are not a nationwide price promise
EPPO labels the cited price structure as a Bangkok example. It helps explain how listed components add up, but it doesn’t establish that every province or station charges the same amount. A price table for one city should not be used as a direct quote for a fill-up elsewhere.
Prices also need a date. Fund contributions or compensation and other product-specific figures can change, so an older structure may not match a later price. EPPO’s October 27, 2026, Bangkok price table is a dated snapshot, not a standing rate.
For a local comparison, check a dated provincial series when one is available, or look at the price posted by the retailer or station you plan to use. Compare the same fuel grade and date; otherwise, differences may come from the product or timing rather than location.
EPPO’s price structure is useful, but it is not every retailer’s final price
The Energy Policy and Planning Office (EPPO) publishes the component tables and definitions used to show how a listed price is composed. Its structure helps readers distinguish the ex-refinery figure, taxes, fund entries, VAT, and marketing margin. It also clarifies that the ex-refinery figure is a calculation within the published structure, not necessarily an operator’s actual purchase cost.
However, an EPPO retail figure should not automatically be read as the exact price displayed at a particular retailer or station. The table is a useful reference for understanding the calculation, while the local posted price is what a driver can confirm at the pump. Don’t assume that a listed Bangkok figure is a nationwide quote or that every retailer displays the same amount.
Frequently Asked Questions
These answers clarify how to read EPPO’s figures and when they’re useful. Always match a table to its date, location, and fuel grade.
Where can I find an official Thai fuel-price breakdown?
EPPO publishes dated price-structure tables with the components used in its calculation. For example, you can review the EPPO Bangkok price table for October 22, 2026. Before using a figure, check the date and location shown in the table.
Does the ex-refinery price show what an oil company actually paid?
No. EPPO describes the ex-refinery price as a figure calculated for the published price structure under Energy Policy Committee criteria. It isn’t necessarily an operator’s actual purchase cost.
Why can a fund contribution appear as a negative number?
A negative Oil Fuel Fund entry indicates compensation in that published calculation, which reduces the subtotal. The amount can differ by fuel type and date, so check the relevant table rather than assuming one rate applies to every product.
Why might the price on a sign differ by a few satang from a table?
A table may show rounded values, and its published structure isn’t necessarily identical to a station’s posted price. Check the same fuel grade, date, and location when comparing figures.
Can I use an old price table to estimate what I will pay today?
An old table explains how the listed price was built on its stated date, but it can’t reliably predict today’s price. Check a current official table or the price posted at the station you plan to visit.
