BANGKOK, Thailand – Thailand has increased its crude oil reserves to 98 days from 92 days to ensure energy security as conflict in the Middle East escalates, Deputy Prime Minister Phiphat Ratchakitprakarn said on Friday.
Phiphat, who also serves as Transport Minister and head of the Middle East conflict monitoring center, stated that Thailand currently imports 50% of its crude through the Strait of Hormuz. The government is now negotiating to increase imports from outside the Persian Gulf to mitigate potential supply disruptions.
In a strategic shift following the easing of U.S. sanctions on Russian energy exports, the Energy Ministry is preparing negotiations to purchase Russian crude. “We are moving to secure Russian oil to fill supply gaps and ensure no domestic shortages,” Phiphat said.
Regarding domestic prices, Phiphat noted that Diesel prices will remain frozen until March 16 under orders from Prime Minister Anutin Charnvirakul, after which a price review will be conducted. While acknowledging that global crude prices have surged toward $100 per barrel due to the war, Phiphat said the government must eventually allow domestic prices to move in line with market mechanisms, while pledging to minimize the impact on the public. (TNA)
