Thailand saw a 0.4% year-on-year decrease in total fuel consumption to 157.1 million liters per day between January and May. This dip was linked to higher energy costs and the country’s sluggish economic growth, as reported by the Department of Energy Business.
During the first quarter, the GDP experienced a 1.5% year-on-year growth, according to the National Economic and Social Development Council.
Director-General of the department, Sarawut Kaewtathip, mentioned that, except for diesel, jet fuel, and liquefied petroleum gas (LPG), demand for gasoline, gasohol, compressed natural gas (CNG), and fuel oil dropped in the initial five months of 2024.
Diesel demand surged by 3.2% to 69.3 million liters per day year-on-year, thanks to the state’s initiative to maintain retail diesel prices under 33 baht per liter from April 20 until the month’s end.
An increase in tourism activities, driven by the visa-free policy, led to higher jet fuel consumption, rising by 17.9% to 16 million liters per day from 13.6 million liters per day.
LPG demand, primarily used for cooking, rose by 3.8% to 18 million kilograms per day, following the government’s decision to extend the LPG price subsidy until September 30. The fixed LPG price stands at 423 baht per 15kg cylinder.
Gasoline and gasohol consumption marginally declined by 1% to 31.5 million liters per day, attributed to an 8% hike in retail prices since May for gasohol 95 and gasohol 91.
Fuel oil consumption witnessed a significant drop of 21.6% to 4.92 million liters per day as businesses transitioned away from costly fuel oil to alternative fuels.
CNG demand in the transportation sector fell by 16.6% to 2,910 tonnes per day as PTT Plc, the country’s primary CNG vendor, raised prices by 0.76 baht per kg to 18.35 baht per kg in May.
Thailand’s fuel imports – including crude oil, LPG, and refined oil – decreased by 3% to 1.04 million barrels per day, while the import value increased by 3.3% to 99.9 billion baht. Oil exports rose by 1.3% to 155,148 barrels per day, with export value growing by 7.1% to 16.1 billion baht.
