Thailand’s prime minister slammed oil traders for “excessive profiteering”, blaming those stockpiling fuel or smuggling it abroad for shortages that have driven prices steadily higher, reports AFP.

“Authorities have found cases of fuel stockpiling and smuggling for sale in neighbouring countries,” Prime Minister Anutin Charnvirakul said, adding the problem had cost the government 50 billion baht ($1.4 billion).

“This action (smuggling and stockpiling) amounts to excessive profiteering from rising oil prices during the global energy crisis,” he said, calling it “a major factor behind the nationwide fuel shortages seen in recent weeks”.

Evidence of hoarding and profiteering among large and medium-sized oil traders had been found on land and at sea, he said.

Anutin said some seaborne shipments had been deliberately delayed so fuel would not arrive on schedule, allowing sellers to wait for retail price increases. Other shipments had been diverted for stockpiling and were thought to be destined for neighbouring countries.

More than 57 million litres of fuel were reported missing during sea transportation in southern Thailand, Minister of Justice Rutthaphon Naowarat said.