Thailand's Deputy PM and Finance Minister warns that fiscal space for borrowing in FY2026 (ending September 2026) is critically tight at only ~10 billion baht. While the government has managed energy crisis via fuel reserves, refinery margins, and oil excise taxes, cutting oil taxes now risks triggering a cascading fiscal crisis given poor budget fundamentals. The government is reconsidering energy policy tools carefully—prioritizing agricultural sectors (ethanol/biodiesel) but only if fiscal capacity allows. Fitch recently upgraded Thailand's outlook to stable, but policymakers remain cautious about repeating international precedents of tax cuts during weak fiscal positions.