Search Results for: petroleum
- Business News
Middle East tensions may impact OFFO’s debt repayment strategy
Rising tensions in the Middle East, particularly between Israel and Iran are anticipated to push global crude oil prices higher, potentially impacting the Oil Fuel Fund Office’s (OFFO) debt repayment strategy, according to a spokesperson from the Energy Ministry. Uncertainty surrounds whether the United States will back potential Israeli strikes on Iran’s oil infrastructure, raising concerns about oil price volatility,…
- Thailand News
Thai Excise Department ramps up crackdown on illegal goods
Thailand’s Excise Department has intensified its crackdown on illegal goods, reporting 33,359 cases, a 28% increase, with estimated fines exceeding 2.4 billion baht. The Deputy Minister of Finance, Paophum Rojanasakul, announced yesterday, October 4, that the Ministry of Finance, through the Excise Department, has effectively ramped up its nationwide efforts to combat violations of excise laws. The department reported 33,359…
- Thailand News
Beauty and the sleaze: CIB busts illegal sex enhancement factory near Bangkok
Officers from the Central Investigation Bureau (CIB) raided a factory in Samut Prakan province, near Bangkok, for producing illegal sex enhancement and beauty products that could harm consumers. The CIB police, together with officers from the Food and Drug Administration, received a tip-off about an unregistered factory in the Bang Pli district of Samut Prakan, which was illegally producing beauty…
- Automotive
The future of electric vehicles in Thailand
As of 2024, Thailand has approximately 150,000 electric vehicles (EVs) on the road. This figure reflects a significant increase from previous years, driven by government incentives and a growing consumer preference for sustainable transportation. The Thai government aims for 30% of all vehicles produced in the country to be electric by 2030, further encouraging the adoption of EVs. The rise…
- Thailand News
Illegal factory busted in Bangkok, over 30 million baht of fake drugs seized
Officers from the Investigation Department of the Metropolitan Bureau (IDMB) recently conducted a raid on an illegal factory in the Tungkru district of Bangkok following a tip-off about the production of multiple fake drugs, including counterfeit Viagra, painkillers, and petroleum jelly. IDMB police officers, together with officials from the Ministry of Public Health, arrived at the illegal factory in Soi…
- Business News
Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
- Business News
New fund to boost Thai stock market by 90 points this year
A significant new fund is set to begin investing in the Stock Exchange of Thailand (SET) in the latter half this year, potentially boosting the index by approximately 90 points, according to Bualuang Securities (BS). The Vayupak Fund, which promises a minimum return of 3%, is anticipated to start with a minimum value of 100 billion baht. Around 90 billion…
- Thailand News
Bangchak cuts high-premium fuel prices by 5 baht per litre
Bangchak Corporation announced a significant price reduction on its high-premium fuel types, offering a discount of 5 baht per litre nationwide from today to tomorrow, July 20. This promotion includes both Bangchak Hi Premium 97 and Bangchak Hi Premium Diesel S, with no minimum purchase required. Bangchak Corporation, a leading company in the fuel industry, is running its major annual…
- Business News
Thailand’s oil reserves expansion faces financial challenges
Plans to bolster Thailand’s strategic petroleum reserve (SPR) are encountering pushback from industry executives due to financial constraints. Thailand’s Energy Minister, Pirapan Salirathavibhaga, spearheaded an initiative to increase national oil reserve security by expanding the SPR as detailed in the 2024 oil plan. Pirapan aims to increase Thailand’s oil reserves, both crude and refined, from 50 days to 90 days…
- Thailand News
Thailand extends diesel price cap amid long-term energy concerns
Efforts by the Thailand government to cap energy prices, and diesel subsidies may appease the public in the short term, but there are growing concerns about the long-term implications on fuel consumption. The extension of the diesel price subsidy, funded by the Oil Fuel Fund, is a recent measure that fixes the retail price at 33 baht per litre until…
- Thailand News
Biodiesel betrayal: Big fuel companies snub palm oil producers
The Thai Biodiesel Producers Association plans to lodge a formal complaint against major fuel traders under Section 7 of the Fuel Trade Act. The traders have refused to purchase B100 biodiesel from local palm oil producers. Section 7 traders, including industry giants like PTT Plc and Bangchak Corporation, are those handling over 100,000 tonnes of fuel annually. These powerhouses stand…
- Business News
Commerce Ministry monitors 18 categories as transport costs surge
The Commerce Ministry launched a comprehensive monitoring initiative for prices across 18 categories as transport costs for the logistics sector surged by up to 9%. The Director-General of the Internal Trade Department, Wattanasak Sur-Liam, stated that the categories under scrutiny include instant noodles, fresh food, canned food, bagged rice, seasoning sauce, vegetable oil, carbonated drinks, milk and dairy products, electrical…
- Business News
Tax refund delays: Stricter checks put paperwork in slow lane
Stricter document verification has led to delays in personal income tax refunds this year, the Revenue Department reported. An increase in the submission of fraudulent documents, particularly fake income certificates (50 Tawi), prompted the department to scrutinise tax refund documents more meticulously. Vinit Visessuvanapoom, Deputy Director-General and principal advisor on tax base management stated that the department’s heightened caution stems from…
- Business News
Tipco Asphalt profits plummet 99% due to delays
Tipco Asphalt Plc (Tasco), listed on the Stock Exchange of Thailand (SET), faced a challenging first quarter with reduced earnings and profits due to delays in state budget spending and low global asphalt prices. Despite this, the company remains optimistic about returning to normal growth levels within the year. The company reported a significant revenue drop of 37%, falling to…
- Education
Implementing Solar Energy projects in Thai School curriculums
Get ready for a future where every Thai school isn’t just an educational institution, but also a super cool mini power plant, drinking up the sun’s energy for all their needs. This isn’t just a wild fantasy, folks, it’s a thrilling reality that’s within arm’s reach, thanks to the empowering potential of solar electricity generation. Thailand’s electricity industry is stepping…
- Thailand News
Reeling in profits: Nakhon Ratchasima villagers cash in on low water levels
Villagers in Nakhon Ratchasima flocked to buy fishing permits, taking advantage of the reduced water levels in a natural canal to catch fish for both consumption and sale, thereby boosting their income. The funds raised from selling the permits are earmarked for village development. Reporters noted that hundreds of residents from the Phimai district, in Nakhon Ratchasima province, gathered at…
- Thailand News
Thai government greenlights energy subsidies and price caps
Subsidies on electricity bills for vulnerable groups and caps on cooking gas and diesel prices have received the green light from the Thai government. The move aimed to alleviate the burden of burgeoning energy costs on the population. Deputy government spokesperson Rudklao Intawong Suwankiri disclosed that diesel prices will now be fixed at 33 baht per litre, from April 20…
- Business News
Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
- Business News
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…
- Business News
Finance Ministry suggests using oil fuel fund for diesel subsidy
The Ministry of Finance has suggested utilising the Oil Fuel Fund to maintain the subsidy on retail diesel costs, asserting that the fund has adequate resources to back the government’s diesel subsidy scheme. This advice comes from Deputy Finance Minister Krisada Chinavicharana, who iterated that the ministry is observing worldwide oil costs and the government’s revenue intake from May to…
- Business News
Thai govt plan for energy cost surge amid Israel-Iran conflict
Thailand’s Ministry of Commerce issued directives to state bodies to devise strategies to mitigate potential surges in energy costs in the event of an escalation in the Israel-Iran conflict. The directive follows Iran’s missile and drone assault on Israel, a retaliatory move against Israel’s alleged attack on Iran’s consulate in Damascus earlier this month. This marked the first direct attack…
- Business News
Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
- Thailand News
KMUTT scientists transform food waste into low-cost fuel
In a groundbreaking discovery that could change the game for sustainability, a team of scientists from King Mongkut’s University of Technology Thonburi (KMUTT) unlocked the secret to transforming food leftovers into a fuel rivalling low-grade coal. A team of researchers from KMUTT led by Dr Trairat Muangthong-on has devised a pioneering technique for converting two types of food waste into…
- Business News
Pilatus Marine to expand LPG marine transport across Asia
Pilatus Marine, Thailand’s leading liquefied petroleum gas (LPG) marine transport operator, is set to expand its services throughout Asia. The move forms part of a strategic initiative to increase its customer base and cater to the rising demand for marine transport of LPG and olefins, a crucial ingredient in plastic production. According to Chief Executive, Varawit Chimtawan, the expansion is…
- Business News
Manufacturing production index dips in Thailand amid economic challenges
The Office of Industrial Economics (OIE) has reported a 2.94% year-on-year dip in the Manufacturing Production Index (MPI), falling to 99.2 points in January. This downturn is largely attributed to a range of economic challenges, most notably the highest level of car seizures in half a decade. The domestic automotive industry’s stagnation was a significant contributor to January’s MPI decline,…
- Business News
Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
- Thailand News
Thailand and Cambodia in talks over disputed Gulf area
Negotiations are underway between Thailand and Cambodia concerning overlapping border regions in the Gulf of Thailand, according to Sutin Klungsang, Thailand’s Defence Minister. He addressed public concerns and queries from the press about the possible implications of a meeting held in Bangkok on February 21 between Hun Sen, former Prime Minister of Cambodia, and Thaksin Shinawatra, ex-Thai Prime Minister. Sutin…
- Thailand News
Coconut jelly waste transformed into billion-baht bonanza
Professor Hathaikarn Manuspiya and her team from Chulalongkorn University have turned coconut jelly waste into a goldmine of valuable food ingredients worth billions. In a bid to tackle food waste and revolutionise the circular economy, the team’s creation, dubbed Cello-Gum, promises to reshape industries and economies alike. Professor Hathaikarn, the mastermind behind the ingenious creation, hails from Chulalongkorn University’s Petroleum…
- Business News
Thailand urged to speed up joint gas project with Cambodia
Energy experts urged Thailand to accelerate discussions on a joint gas production endeavour with Cambodia in the overlapping claim area (OCA). The call comes in light of the global shift towards clean energy, which could pose challenges to new petroleum projects due to their contribution to carbon emissions. Despite its initiation in 2001, the OCA negotiations have yet to progress…
- Business News
Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
