Thailand says oil stocks cover 108 days of demand

Thailand has oil stocks and confirmed incoming supplies sufficient for 108 days of domestic demand, the Energy Ministry said, after diversifying crude imports amid disruption risks linked to unrest in the Middle East.

The ministry said it has increased purchases from alternative suppliers, including the United States and Argentina, while the Oil Fuel Fund remained 63.921 billion baht in deficit as of July 23.

Imports shift as Middle East risks persist

Veerapat Kiatfuengfoo, deputy permanent secretary for energy and the ministry's spokesperson, said global oil prices had continued to rise because economic and geopolitical factors were affecting energy supplies worldwide.

Thailand has closely monitored crude supplies since the Middle East unrest began, he said. The country has responded by seeking alternative sources and raising imports from countries including the US and Argentina.

As of July 23, available stocks and scheduled deliveries consisted of 2.353 billion litres of commercial reserves, covering crude and refined petroleum products, and 3.385 billion litres of statutory reserves.

There were also 4.299 billion litres of crude oil in transit and 3.280 billion litres of confirmed supplies awaiting shipment. Together, these volumes were enough to meet national demand for 108 days, according to the ministry.

Average daily consumption was 57.26 million litres of diesel and 30.36 million litres of petrol. Relevant agencies have been instructed to keep supplies ready and manage stock carefully to avoid shortages for households and businesses, Veerapat said.

Diesel refinery measure begins

The Energy Policy Committee also approved a 2.40 baht-per-litre reduction in the refinery price of high-speed diesel at its eighth meeting of 2026 on July 23.

The measure took effect on July 24 and is due to remain in force until August 15, when it will be reviewed according to prevailing conditions.

The ministry said it would continue using the Oil Fuel Fund to help balance domestic prices and cushion consumers against changes in global energy markets. Despite the fund's 63.921 billion baht deficit, it said the fund retained enough liquidity and capacity to manage prices at an appropriate level under the government's fiscal-discipline framework.

The announcement offers reassurance that Thailand is not expecting an immediate fuel shortage despite international supply concerns. Diesel is particularly important for road freight, buses and other transport services, so attempts to limit price volatility can affect everyday travel and the cost of goods.

However, the approved measure applies to the refinery price of high-speed diesel, rather than guaranteeing a specific reduction at petrol stations. Fuel prices and transport costs may still be affected by global oil market movements.

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26 July 2026