In the first half of 2024, total fuel consumption decreased by 0.05% year-on-year, reaching 156.6 million liters per day (MLD), according to the Department of Energy Business. This trend aligns with the country’s economic growth. The Bank of Thailand’s Monetary Policy Committee previously projected a 1% increase in second-quarter GDP compared to the previous quarter, a decline from the 1.5% growth noted in the first quarter.
From January to June, there was a rise in diesel, jet fuel, and liquefied petroleum gas (LPG) consumption, while the use of gasoline, gasohol (a blend of gasoline and ethanol), compressed natural gas (CNG), and fuel oil saw a decline. Sarawut Kaewtathip, the chief of the Department of Energy Business, reported these developments.
Diesel demand increased by 3% year-on-year, reaching 68.61 MLD, up from 66.63 MLD, largely due to the government’s policy to cap diesel prices at 33 baht per liter through a subsidy program backed by the Oil Fuel Fund.
The peak tourist season, combined with a visa-free scheme and an upsurge in flights during extended holidays, contributed to a 17% rise in jet fuel consumption, which climbed to 15.74 MLD from 13.45 MLD.
LPG consumption also rose by 3.7% year-on-year, totaling 18.35 million kilograms per day, primarily driven by increased demand in petrochemical production, despite a decrease in other industrial sectors.
Conversely, gasoline and gasohol usage fell by 0.9% year-on-year to 31.67 MLD. Sarawut noted that this decline can be attributed to the high sales of electric vehicles, prompted by the plans of Chinese EV manufacturers to launch their locally produced models, along with government incentive packages aimed at stimulating consumer demand.
Fuel oil consumption dropped significantly by 23.9% year-on-year to 5.3 MLD, down from 7 MLD. Additionally, CNG usage fell by 16.8% year-on-year to 2,900 tonnes per day after PTT Plc, the country’s sole CNG supplier, decided to raise retail prices to 19.59 baht per kilogram.
In the first half of this year, imports of crude oil, LPG, and refined oil decreased by 2.3% year-on-year to 1.045 million barrels per day (BPD), although the value of these imports rose by 5.3% year-on-year to 99.4 billion baht. Meanwhile, oil exports increased by 4.8% year-on-year to 162,741 BPD, with their value rising by 11.1% to 16.83 billion baht.
