Thailand may soon lift its temporary refined oil export ban as fuel reserves remain strong and storage facilities near capacity, according to the Department of Energy Business. Authorities are expected to begin by allowing jet fuel exports, while continuing to monitor volatility linked to the Iran conflict and disruptions in the Strait of Hormuz.
The export ban, introduced on March 6 over fuel shortage concerns, currently covers gasoline, gasohol, diesel, jet fuel and LPG. As of May 5, Thailand’s reserves were enough for 104 days of consumption, with diesel production continuing to exceed domestic demand. Despite the surplus, the state Oil Fuel Fund remains under pressure with a deficit of 63.5 billion baht.