SURAT THANI, THAILAND – Fuel trader PC Siam Petroleum rejected a government allegation that it stockpiled diesel on a large scale, saying inspections by provincial and central authorities had found no wrongdoing.
Government allegation of two million litres of diesel
The fuel distributor faced an accusation that it had held back about two million litres of diesel. The allegation had been made public earlier and received wide coverage in the media.
The company was therefore drawn into a high-profile debate over fuel availability and possible market manipulation. It maintained that its operations in Surat Thani followed standard commercial practice.
Company response: gasoline, not diesel
General Manager Lt Col Chamnong Wibulsin told reporters on Monday that the company had not hoarded diesel.
“The stocks in question were gasoline that PC Siam normally keeps available for sale to customers.”
said Lt Col Chamnong Wibulsin, General Manager.
The firm emphasised that its inventory levels reflected routine supply for its existing customer base. It argued that the misunderstanding stemmed from the classification of its stored fuel.
Inspections in late March and early April
According to Lt Col Chamnong, provincial authorities checked the company’s fuel stocks from 27 to 29 March. He said the inspection looked at the quantities on hand and compared them with normal business operations.
Central authorities then carried out another inspection of the stored volumes on 1 April. Those checks found no evidence of hoarding or other violations, according to the company.
Media reports of complaint, but no direct contact
The manager confirmed that media reports had stated the government had filed a complaint against the company. He said, however, that PC Siam had not received a phone call or any direct contact from the authorities regarding the matter.
The firm pledged that it would fully cooperate with any investigation. It stressed its willingness to provide documents and access to its facilities if required by regulators.
Sales records and March deliveries
PC Siam said it had complete sales records for February and March and was ready to present them. The documentation was intended to show that its inventory movements matched regular customer demand.
According to the company, it received only six fuel deliveries in March. It argued that this delivery pattern supported its claim that there had been no attempt to restrict supply or manipulate the market.
Local operator focused on upper southern region
Lt Col Chamnong described PC Siam as a small local firm serving customers solely in the upper south of Thailand. He portrayed the company as a regional operator rather than a nationwide player.
Financial websites stated that the company ran four oil depots and about 30 service stations. PC Siam was also active in the energy, logistics and real estate sectors, with its head office located in Surat Thani.