BANGKOK, Thailand – The government is closely monitoring the impact of rising tensions between Israel and Iran on global energy markets, with a particular focus on oil prices and potential disruptions to maritime transport through the Strait of Hormuz. As an oil-importing nation, Thailand is preparing measures to mitigate any impact on domestic energy supplies and fuel costs.
Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga has directed energy officials to reduce the contribution rates to the Oil Fuel Fund for both gasoline and diesel. This adjustment is intended to help ease pressure on local fuel prices. The Oil Fuel Fund will also continue to be used as a mechanism to maintain long-term price stability amid growing uncertainty in global markets. Dubai crude oil prices have increased to $72.50 per barrel, up from $65 per barrel earlier this month.
To ensure national energy security, the Ministry of Energy is conducting regular assessments of the country’s oil reserves. As of now, Thailand holds 3.337 billion liters of crude oil, enough for 25 days; 2.457 billion liters of oil in transit, sufficient for 19 days; and 1.874 billion liters of refined oil, which can meet demand for another 16 days. Combined, the current reserves cover approximately 60 days of consumption.
If the situation worsens, the government is prepared to take immediate steps to increase reserves and ensure the energy supply is safeguarded. Officials stress that the country’s existing framework and stockpile levels provide a strong foundation for responding to any short-term volatility in global markets. (NNT)
