Maybank Securities (Thailand) (MST) expects slightly to no impact on PTT Public Company Limited (SET: PTT), following the new adjustment for gas cost structure approved by the National Energy Policy Council (NEPC).
NEPC recently greenlit a revised natural gas pricing structure, which aims to better reflect actual production costs for each user group. While the price of gas heading into and out of gas separation plants (GSP)—as well as gas used for LPG production—will now match the average price from the Gulf of Thailand. Meanwhile, gas for power generation, transportation (NGV), and industry sectors will use a weighted pool price across supplies from the Gulf, Myanmar, and LNG imports. This change, set to take effect January 1, 2026, will see gas separation plants absorb the 10% premium applied to gas sourced from the Gulf of Thailand versus the pool price benchmark.
In a research note, MST states that there is hardly any impact on PTT as the gas feed cost to GSP will be about USD7.13/mmbtu under new structure (vs USD7.21 under Single Pool Price). Gas cost to other sectors will be about USD7.23 vs USD7.21 for Single pool price.
