Thailand’s Ministry Of Energy Says Oil Consumption Will Increase By 2% in 2023

Thailand's Ministry of Energy expects fuel consumption to increase by 2% in the second half of the year compared with the same period last year, mainly driven by economic recovery, especially the tourism industry. Therefore, gasoline consumption is forecast to increase by 1.2% in the second half of the year, aviation fuel will increase by 30.6%, and diesel will decrease by 1.9%, because the price of diesel has increased to 31.94 baht per liter compared with the average price of 29.94 baht per liter last year, coupled with the slowdown in Thailand's exports. Liquefied petroleum gas grew by 5.7%, especially as the transportation and petrochemical sectors began to recover.

From January to June 2023, Thailand's average daily fuel consumption was 31.96 million liters, an increase of 5.9% compared with the same period last year. It will continue to rise in the second half of the year, and the overall increase for the whole year was 2% compared with the same period last year.

There were a total of 1,628 LPG service stations nationwide in June 2023, an increase of 4 compared with May 2023, and an increase of 27 compared with 1,601 in June 2022. The main factor for the slight increase in LPG service stations is the increase in oil prices. , the use of liquefied petroleum gas in the transportation industry increased. The average daily consumption of LPG from January to June was 17.69 million liters, a decrease of 1.4%. Households, industries, and petrochemicals all experienced declines. Only the transportation industry increased by 7.6%.

The B100 blended diesel blend proportion policy is currently unified into a single grade policy for B7 diesel with a blend of 7%. The purpose is to reduce the increasing cost pressure of B100 blended diesel prices. This policy is about to expire on September 30, 2023, so we have to wait for the new It is up to the government to decide whether to continue to implement it. Hopefully it will be in time. If not, it will need to discuss and decide with oil traders.

If the single-grade policy ends and B7, B10, and B20 blended diesel are used again, the fuel price subsidy for diesel will increase. In addition, the policy itself must be a single-grade B7 by 2024 according to the plan, pending public hearings and the approval process of the new government. New fuel management plan.