BANGKOK — High-ranking Thai police officials launched a formal investigation Tuesday into the operators of two massive oil tankers suspected of intentionally slowing their journey across the Gulf of Thailand to profit from a government-mandated price hike.
The Royal Thai Police allege that the vessels, carrying nearly 10 million liters of fuel, delayed their arrival at port to coincide with a 6-baht-per-liter price increase that took effect on March 26. Investigators estimate the calculated delay could have netted the operators an illicit profit of approximately 48 million baht ($1.3 million).
Police Gen. Thatchai Pitaneelabutr, Deputy Commissioner General of the Royal Thai Police, detailed the suspicious navigation patterns during a press conference at police headquarters. He stated that the vessels’ movements did not align with standard shipping schedules or weather conditions at the time.
“The timeline of the delay aligns perfectly with the government’s announcement to float oil prices,” Gen. Thatchai told reporters. “By stalling their arrival, these operators may have gained a significant price difference. If proven guilty, they face charges related to the illegal withholding of controlled goods without reasonable cause.”
The investigation focuses on two specific tankers that remained in the open sea despite having clear paths to their respective terminals. Authorities are now cross-referencing GPS data from the ships’ tracking systems with logistics documents to determine if the “slow-steaming” was a deliberate financial maneuver.
High Stakes and Rising Oil Costs
The crackdown comes as the Thai government faces mounting pressure to control energy costs. On March 26, the administration implemented a price adjustment that saw diesel and gasoline prices jump by 6 baht per liter. For a shipment of 10 million liters, such an increase transforms the value of the cargo overnight.
“This is not just about a shipping delay; it is about protecting the consumer,” said Gen. Thatchai. He emphasized that the Royal Thai Police are working alongside the Department of Internal Trade to ensure that wholesalers and transporters do not manipulate supply to exploit market fluctuations.
Key points of the ongoing investigation include:
- Analysis of Vessel Tracking (AIS): Data shows the ships moved at significantly reduced speeds compared to their typical operational standards.
- Review of Transport Documents: Officials are checking for any mechanical or logistical justifications reported by the captains during the transit.
- Financial Audits: Investigators are tracing the ownership of the fuel to see who stood to benefit directly from the late delivery.
Broader Crackdown on Fuel Smuggling
The probe into these two tankers is part of a wider initiative to secure Thailand’s energy supply chains. Beyond price gouging, Gen. Thatchai noted that the police are intensifying inspections of refineries and oil depots nationwide. This effort aims to prevent both the hoarding of fuel for domestic profit and the illegal smuggling of subsidized oil to neighboring countries.
“We are monitoring the entire route from refinery to port,” Gen. Thatchai added. “Any enterprise found to be intentionally delaying the distribution of fuel to the public for the sake of extra profit will face the full weight of the law.”
Under Thai law, the “withholding of controlled goods” or the “intentional slowing of trade” for essential commodities like fuel carries heavy penalties, including hefty fines and potential prison sentences for company executives.
The police have not yet released the names of the shipping companies involved, citing the need to complete the evidence-gathering phase. However, officials confirmed that several individuals associated with the transport logistics have already been summoned for questioning.
As the investigation continues, the Thai government has signaled that it will continue to monitor shipping lanes and storage facilities to ensure that recent price changes do not result in market manipulation at the expense of the public.
