Fuel for thought: Thailand sees shift in consumer petrol gears
Thailand’s engines are revving as fuel consumption takes a notable 2% leap, in line with the country’s economic growth, which is pegged at a healthy 2.6% to 2.7% for 2024.
The Department of Energy Business reveals that from January to November, Thais guzzled an average of 155 million litres of fuel daily.
Turning heads in the petrol station queue is the modest rise in demand for petrol and gasohol, nudging up by 0.2% to 31.5 million litres per day. This uptick in sales is fuelled by shifting travel trends, as highlighted by Sarawut Kaewtathip, the department’s director general.
The pivot towards electric vehicles is noticeable, with EV sales climbing by an impressive 5.39% in the passenger car arena. Meanwhile, the mass transit systems are having a moment in the sun, boasting a hefty 12.1% increase in passenger numbers.
Diesel is keeping the heavyweights rolling with a solid 2.4% year-on-year rise, marking 66.6 million litres a day. This robust demand is turbocharged by Thailand’s bustling export scene and industrial might, where diesel is the fuel of choice.
It’s airborne where the boom really takes off: Jet fuel consumption has soared by a staggering 18.4%, reaching 15.7 million litres daily, buoyed by a tourism resurgence. With 31.9 million foreign tourists touching down, a massive 28.2% hike year-on-year, plus domestic tourism enjoying an 8.6% bounce, it’s clear the travel bug is back with a vengeance.
Liquefied Petroleum Gas
On the home front, Liquefied Petroleum Gas (LPG) is enjoying its moment in the limelight with a 3.4% increase to 18.4 million kilogrammes a day, thanks to rising demand in the petrochemical, household, and transport sectors. From sizzling stir fries to zippy taxi rides, LPG proves its mettle as the kitchen and cabbie favourite.
On the flip side, Compressed Natural Gas (CNG) has hit a speed bump, with demand plummeting by 16.7% to 2.7 million kilogrammes per day. Despite PTT Plc, Thailand’s sole CNG dispenser, slashing prices from July 2024 through December, interest has waned due to decreasing CNG-powered vehicles on the road and a dwindling number of filling stations.
Amidst this fuel frenzy, Thailand’s oil imports, crude, refined, and LPG, have seen a slight increase of 1.2% year-on-year, totalling 1.03 million barrels per day. On the export front, the country is shifting refined oil at a brisk pace, with exports climbing 4.4% to 186,067 barrels daily.
With the economy firing on all cylinders and tourist numbers skyrocketing, Thailand’s fuel sector is revving up to meet the demand. As electric vehicles join the race, Thailand’s energy landscape is set for a thrilling ride.
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