Thailand's Prime Minister Anutin Charnvirakul on Saturday issued a public apology for the volatility caused by the government's initial oil price cap, explaining that early assessments suggested the crisis would be short-lived.

During a televised address, Anutin pointed out that the ongoing conflict in the Middle East has heavily impacted global energy security over the past month, driving up oil prices and triggering fuel shortages and energy conservation campaigns worldwide.

While the situation has stabilized slightly with negotiations underway, he cautioned that no clear positive signals have emerged, requiring both the government and the public to adjust to a potentially prolonged crisis.

He said as the reality of a protracted situation became clear, the government was forced to pivot its strategy to better protect low-income earners, farmers, the transport and fishing sectors, and industrial operators from soaring living expenses.

On the diplomatic front, the Thai Ministry of Foreign Affairs has accelerated negotiations regarding maritime logistics. Notably, recent successful talks with Iran have ensured the safe passage of Thai oil tankers through the Strait of Hormuz, easing concerns over crude oil supplies and accelerating deliveries to Thailand.

Domestically, Anutin said that localized fuel shortages at gas stations are beginning to ease. Authorities have increased fuel transport frequencies, injected reserve oil into the system and cracked down on hoarding.

The government also phased out the strict oil price cap, a move that successfully reduced incentives for price gouging and cross-border smuggling while easing the severe financial strain on the state-run Oil Fuel Fund, he added.

Anutin clarified that ending the price cap does not mean fully floating prices, as the government continues to provide appropriate subsidies to keep domestic prices lower than in many neighboring countries.

Assured the public that the country has adequate oil supplies for the upcoming travel rush during the Songkran holiday, Anutin said the government will focus on advancing four key areas of work next, including diplomatic coordination, energy security, commodity price control and people's livelihood undertakings.

The prime minister also called on the public to jointly implement energy-saving measures with the concept "one family, one liter," saying that if 10 million households reduce their oil consumption by just one liter per day, it could save up to 10 million liters of oil imports daily.