GRM is the difference between prices of crude oil and refined oil, referring to costs added during the refining process. Media reports note that when crude prices rise sharply, the gap between crude and refined oil prices widens, lifting refinery profits. If Thailand's ex-refinery prices are lower than Singapore's, oil traders who buy oil from refineries will export oil to Singapore to benefit from the price difference, said Mr Kurujit. Yet if Thailand's ex-refinery prices are higher, oil traders will import refined oil from Singapore to compete with Thai refineries. He said authorities should require refineries to allocate part of their profits to the Oil Fuel Fund, which acts as a buffer against oil price volatility.

Source: Bangkok Post April 03, 2026 21:54 UTC