Speaking at Government House yesterday (Mar 5), Energy Minister Auttapol Rerkpiboon said the measures were discussed during a meeting convened by Prime Minister Anutin Charnvirakul, with relevant agencies to review the country’s energy preparedness.
Mr Auttapol reported that Thailand’s current oil reserves could support domestic demand for up to 95 days, reports the Bangkok Post.
He explained that the previously cited figure of 60-65 days referred to the period the country could sustain itself if no new oil imports arrived. However, additional supplies from sources outside the Middle East have now been confirmed.
"An extra 30 days of supply has already been secured, bringing the total to 95 days," he said. "These figures will continue to be updated as additional shipments are scheduled to arrive through April, with further confirmations expected for May."
To reinforce supply security, the Energy Ministry will require oil traders to increase mandatory reserve levels from 1% to 3%, partly by retaining supplies previously intended for export.
Exports of refined fuel have already been suspended, with exceptions made for Laos and Myanmar, which maintain mutual energy dependencies with Thailand, including cross-border electricity trade from hydropower and gas-fired generation.
The minister outlined a step-by-step contingency plan should market conditions worsen. The first stage involves suspending exports and increasing domestic reserves. Since Thailand’s refining capacity currently exceeds domestic demand, some refineries may scale back production while distributors build up stockpiles.
Further measures could include increasing the biodiesel blending ratio in diesel fuel. The blend could be raised from 5% to 7% or even 10% if global diesel prices rise sharply or shortages occur.
If supplies tighten further, importers will also be allowed to bring in finished petroleum products, such as petrol and diesel, rather than relying solely on crude oil imports. In such circumstances, the ministry may temporarily relax fuel specification standards, which are currently set at relatively high environmental levels.
The government will also propose a national energy-saving campaign at next week’s cabinet meeting.
Mr Auttapol said the ministry would review the situation in 15 days. Should global prices become more volatile, the Oil Fuel Fund would be used to stabilise domestic prices. The fund recently returned to a positive balance after carrying debts of about B120 billion, which had been reduced to B20bn by October last year.