Fuel consumption decreases 0.4%

Thailand’s total fuel consumption dipped by 0.4% year-on-year to 157.1 million litres per day (MLD) between January and May, attributed to higher energy prices and the country’s economic slowdown, says the Department of Energy Business.

GDP grew by 1.5% year-on-year during the first quarter, according to the National Economic and Social Development Council.

Except for diesel, jet fuel and liquefied petroleum gas (LPG), demand for other fuels, including gasoline, gasohol, compressed natural gas (CNG) and fuel oil decreased during the first five months of 2024, said Sarawut Kaewtathip, director-general of the department.

Demand for diesel increased by 3.2% to 69.3 MLD from 67.3 MLD year-on-year, influenced by the state policy to keep retail diesel prices below 33 baht per litre from April 20 until the end of this month.

More tourism activities, driven by the visa-free policy, increased the consumption of jet fuel, which jumped 17.9% for the period to 16 MLD, up from 13.6 MLD.

Demand for LPG, which is used for cooking, rose by 3.8% to 18 million kilogrammes per day, up from 17.3 million kg a day, following the government’s decision to continue its LPG price subsidy until Sept 30. The LPG price is fixed at 423 baht per 15kg cylinder.

Consumption of gasoline and gasohol, a mix of gasoline and ethanol, slightly fell by 1% to 31.5 MLD, attributed to the 8% rise in the retail prices of gasohol 95 and gasohol 91 since May, said Mr Sarawut.

Gasohol 91 and 95 are blended with 10% ethanol. The numbers 91 and 95 indicate their octane ratings.

Fuel oil consumption dropped by 21.6% to 4.92 MLD from 6.27 MLD as businesses shifted from costly fuel oil to other types of fuels.

Demand for CNG in the transport sector fell by 16.6% to 2,910 tonnes per day, down from 3,490 tonnes per day as PTT Plc, the country’s sole CNG seller, hiked the price 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, dropped by 3% to 1.04 million barrels per day (BPD), with import value rising by 3.3% to 99.9 billion baht. Oil exports rose by 1.3% to 155,148 BPD, with export value rising by 7.1% to 16.1 billion baht.

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