BANGKOK, Thailand – Thailand’s Ministry of Energy has assured the public that the country has sufficient fuel supplies despite rising global oil prices driven by tensions in the Middle East, while reaffirming measures to stabilize domestic fuel prices and ease the impact on consumers. Energy Ministry spokesperson Weeraphat Kiatfuengfu said authorities have closely monitored global oil markets and strengthened crude oil procurement since unrest in the Middle East began. Thailand has diversified its import sources by increasing crude oil purchases from countries including the United States and Argentina.
As of July 23, Thailand held 2.353 billion liters of commercial oil reserves, 3.385 billion liters of legally required reserves, 4.299 billion liters of crude oil currently in transit, and 3.280 billion liters of confirmed imports awaiting shipment. Combined, the reserves are sufficient to meet domestic demand for approximately 108 days. Thailand currently consumes an average of 57.26 million liters of diesel and 30.36 million liters of gasoline each day. The ministry said relevant agencies have been instructed to ensure fuel stocks remain adequate for households and businesses under all circumstances, preventing any supply shortages. To cushion the impact of higher global oil prices, the National Energy Policy Administration Committee approved a reduction of 2.40 baht per liter in refinery prices for high-speed diesel, effective from July 24 through August 15, after which the measure will be reviewed.
The ministry will also continue using the Oil Fuel Fund to help stabilize retail fuel prices. As of July 23, the fund carried a deficit of 63.921 billion baht, but officials said it remains financially capable of supporting domestic price management and maintaining economic stability. “We will continue using all available measures, including refinery price adjustments and the Oil Fuel Fund, to stabilize retail fuel prices and minimize the burden of energy costs on the public,” Weeraphat said. (TNA)
