Fuel Prices Jump 22% in Thailand After Subsidies Slashed

Millions of motorists across Thailand woke up Thursday to the steepest fuel-price increases in decades after the government moved to rein in subsidies strained by surging global oil costs.

A routine late-night price announcement on Wednesday revealed a sharper-than-expected 6-baht-per-liter (18 cents) increase effective Thursday, sending gasoline prices up 14% to 22% by morning. Diesel — the backbone of Thailand’s transport, agriculture and industrial sectors — rose 18%, amplifying the shock for households and businesses already facing rising costs.