In the initial two months of 2024, Thailand saw a 4.1% increase in total fuel consumption, reaching 155 million liters per day (MLD), driven by economic growth, as per the Department of Energy Business.
The consumption of gasoline, gasohol (a gasoline-ethanol blend), and jet fuel rose, whereas diesel, liquefied petroleum gas (LPG), compressed natural gas (CNG), and fuel oil saw a decline in usage, stated department chief Sarawut Kaewtathip.
Gasoline and gasohol demand grew by 1.5% year-on-year to 32 MLD, up from 31.6 MLD in the corresponding period the previous year, with Mr. Sarawut accrediting the rise to the state price subsidy scheme.
The surge in tourism during January and February, following the government’s visa-free policy, led to a 19.5% increase in jet fuel consumption year-on-year to 16.7 MLD, up from 14 MLD.
Despite the diesel excise tax reduction and the state’s Oil Fuel Fund subsidy program, diesel consumption dropped by 9.3% year-on-year to 70.1 MLD, from 77.4 MLD, a trend that was not explicitly clarified by Mr. Sarawut.
Diesel is vital for motorists and industries; however, due to high household debt levels and cautious spending, along with banks being more discerning in lending to car buyers, notably for pickups, diesel consumption faced a decline.
In February, the National Economic and Social Development Council revised its GDP projection for the year to 2.7%, lower than the previous range of 2.7-3.7% and an average of 3.2%.
LPG consumption saw a year-on-year decline of 2.7% to 16.6 million kilograms per day compared to 17.1 million kg per day, primarily due to reduced petrochemical manufacturing activity.
Fuel oil consumption decreased by 23.9% year-on-year to 5.3 MLD from 7 MLD.
CNG usage dropped by 15.9% year-on-year to 2,960 tonnes per day after PTT Plc, the sole CNG seller in the country, increased the retail price by one baht per kg to 19.59 baht per kg.
Thailand’s imports of crude oil, LPG, and refined oil declined by 9.2% year-on-year to 1.02 million barrels per day (BPD) in the first two months of the year, with the import value decreasing by 6.3% to 94 billion baht.
Meanwhile, oil exports surged by 14.2% year-on-year to 155,763 BPD, with the export value witnessing a 14.8% increase to 15.8 billion baht.
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