Bangkok: "Attaphol" is confident there will be sufficient oil supply and has ordered an investigation into those behind the illegal activities throughout the oil supply chain. Minister Attaphol is confident there will be enough fuel for 107 days, despite price fluctuations. He is accelerating efforts to control stockpiles, increase imports, and adjust production, while also cracking down on illegal hoarding sources. He is coordinating with the DSI and the Ministry of Interior to intensify inspections on all routes and expediting measures to cope with the Songkran holiday. He emphasized the importance of widespread fuel distribution and that the public can check fuel availability via the Fuel-Now app.
According to Thai News Agency, Mr. Atthapol Rerkpiboon, Minister of Energy, participated in a discussion at the Meet the Press event on the topic "One Month into the Global Crisis: Thailand's Response Plan in a Changing World," stating that while oil prices remain volatile and high, he assured the public that Thailand maintains energy security and has sufficient oil reserves to meet demand for approximately 107 days. Furthermore, there are confirmed oil import schedules expected to continue until May, ensuring adequate supply to meet demand.
The Ministry of Energy has been continuously monitoring and assessing the situation and implementing various measures, including: suspending exports, inspecting oil stocks at oil depots and traders under Section 7 of the law, supervising refineries to increase diesel production, relaxing stock count requirements to increase oil reserves, issuing a Ministry of Energy announcement requiring traders under Section 7 to disclose prices and stock levels at all refineries and oil depots, and increasing the blending ratio of biofuels to refined oils.
Regarding oil quantity and distribution, measures have been implemented to reduce the required reserve for imported refined oil from 7% to 1% to incentivize imports and supplement domestic supply. Furthermore, daily monitoring of refinery production is being conducted, and the distribution of oil to oil traders and wholesalers (jobbers) is being expedited to smaller service stations to alleviate congestion. Integrated monitoring and verification of operations are also being conducted in collaboration with relevant agencies.
The Minister of Energy assured the public that inspections of unauthorized oil storage facilities have been intensified, and charges will be filed and prosecuted. This is being done in coordination with the Department of Special Investigation (DSI) to track every oil tanker leaving depots to ensure it reaches its destination at gas stations. The Minister is also cooperating with the Ministry of Interior to inspect authorized storage facilities to ensure they are operating according to conditions. Simultaneously, a continuous flow of oil into the system has been implemented, reducing fuel shortages at gas stations.
Regarding oil prices, although there has been an increase of approximately 6 baht, it is still considered low compared to other ASEAN countries. Oil prices are determined by market mechanisms, a generally accepted approach. However, the Ministry of Energy is not complacent and has established a joint working group between the Ministry of Energy, the Ministry of Finance, and the Ministry of Commerce to investigate oil prices, study the issue of windfall tax, and submit preliminary information to the Ministry of Finance for consideration. Meanwhile, the Oil Fund is in deficit at 38,464 million baht, with a negative compensation rate (outflow) of 1,368 million baht.
In preparation for fuel availability during the Songkran festival, the Ministry of Energy has implemented the following measures: The public can check fuel availability via the Fuel-Now application. Approximately 7 million liters of fuel per day has been distributed to wholesalers (jobbers) to allocate to fuel users and help reduce congestion at service stations. Fuel retailers have been instructed to increase fuel reserves and have fuel trucks on standby at service stations expected to experience high sales during the Songkran festival.
For public buses, designated fuel service points have been established in collaboration with the Ministry of Interior and the Ministry of Transport. Coordination with retailers is underway to encourage the import of additional refined petroleum products, with a policy to reduce the reserve requirement for imported refined petroleum products to only 1% from the previously set 7%.