Thai energy business reports 2.6% decline in Q1 fuel consumption

The Department of Energy Business (DOEB) reported a 2.6% decline in fuel consumption in the first quarter of the year, amounting to 156.7 million litres per day. This decrease is attributed to the expiration of the capped price policy.

The Director General of DOEB, Sarawut Kaewtathip, noted a rise in the daily average volume of jet fuel and liquefied petroleum gas (LPG) in the second quarter, while diesel, gasoline, gasohol, compressed natural gas (CNG), and fuel oil saw a decrease.

Boosted by the high tourism season and the visa-free scheme, jet fuel consumption saw the most significant growth at 19.1%, reaching 16.7 million litres per day, up from 14.03 million litres.

Meanwhile, LPG demand increased by 0.4% to 17.1 million kilogrammes per day, driven by the extension of the capped price at 423 baht per 15-kilogramme cylinder and an increase in petrochemical sector production.

Conversely, gasoline and gasohol consumption decreased by 0.2% to 31.7 million litres per day, following the removal of the excise tax in February. Diesel demand also fell by 6.9% to 71.1 million litres per day as a result of the termination of the excise tax cut, which had previously kept diesel retail prices in Bangkok below 30 baht per litre.

In terms of natural gas, CNG consumption fell by 16.5% to 2,970 tonnes per day due to a 1 baht increase per kilogramme in retail prices by PTT, the sole national energy conglomerate. Fuel oil also saw a decline of 23.9% to 5.2 million litres per day as businesses shifted to cleaner fuels.

Import volumes of fuels, crude oil, LPG, and refined oil decreased by 2.7% to 1.06 million barrels per day, but the import value rose by 0.7% to 99.3 billion baht. Conversely, the export volume of refined oil increased by 6.2% to 156,545 barrels per day, with the value rising by 9.1% to 16.1 billion baht, reported Bangkok Post.

In related news, the finance ministry secures deals for 250 billion baht investments, Following the passing of the fiscal 2024 Budget Expenditure Act, the Finance Ministry confirmed that new financial agreements for investment projects totalling 250 billion baht have been finalised.