The Ministry of Energy is accelerating its search for new sources of oil, liquefied petroleum gas (LPG), and LNG to prevent shortages.

Minister Attaphol has ordered an accelerated search for new sources of oil, liquefied petroleum gas (LPG), and LNG to prevent shortages, even though only 60 days' worth of reserves are currently available.

Today (March 2, 2569), Mr. Atthapol Rerkpipibul, Minister of Energy, revealed that after opening and holding a meeting of the Energy Emergency Situation Monitoring Center to track the unrest in the Middle East, even though the Strait of Hormuz is not yet 100% closed.

However, global oil prices remain highly volatile, averaging around US$75-85 per barrel, an increase of approximately 7%. If it becomes necessary to freeze domestic retail fuel prices, the Fuel Fund can be used to compensate. As of March 1, 2569, the Fuel Fund had a positive balance of 2,459 million baht.

Regarding the plan to import crude oil from the Middle East this March, due to concerns about the safety of ships sailing through the Strait of Hormuz, the plan has been adjusted to purchase oil from West Africa and the Americas, which is expected to be procured and delivered by the end of April. As for the measure to suspend oil exports for domestic security, Laos will be exempted, with some oil still being sent due to Thailand's continued reliance on its energy sources. However, strict measures will be taken to prevent repatriation to third countries and to certain countries with existing purchase agreements. Furthermore, inspections will be conducted, and cooperation will be sought from oil traders to prevent excessive stockpiling of oil.

Regarding liquefied petroleum gas (LPG), there have been no impact so far. For April, we will manage the supply from refineries and petrochemical plants, as well as procure additional supplies from Petronas Malaysia.

Regarding LNG that Thailand needs to import from Qatar and pass through the Strait of Hormuz, the feasibility of this is currently being assessed. However, negotiations are underway to source spot LNG from other suppliers, such as the United States, and the postponement of maintenance plans is being considered to mitigate the impact. It's worth noting that sourcing spot LNG may be more expensive than the price set by the Energy Regulatory Commission (ERC), potentially affecting pool gas prices. The Ministry of Energy will manage the situation carefully to ensure that reserves and prices are not compromised.

Regarding the electricity sector, peak demand is expected to reach approximately 36,000 megawatts, occurring towards the end of April. The Electricity Generating Authority of Thailand (EGAT) will manage fuel efficiently and adequately, such as increasing electricity production from hydropower plants and coal-fired power plants. Furthermore, there will be no power plant maintenance shutdowns during this period.
And in terms of energy management to reduce fuel imports, the Ministry of Energy requests cooperation from the private sector and industries to adjust their production plans to be more efficient and reduce energy consumption as much as possible.

“The Ministry of Energy confirms that it will implement all measures, including securing sufficient reserves of oil, liquefied petroleum gas (LPG), LNG, and electricity to meet domestic demand during the ongoing unrest in the Middle East. Regarding oil prices, the Fuel Fund will be used to mitigate the impact on the public. The Ministry of Energy will continue to monitor the situation closely and requests cooperation from the private sector to use energy as efficiently as possible. We also ask government agencies to reduce energy consumption and the public to conserve energy and use public transportation instead of private vehicles to reduce energy imports as much as possible,” Mr. Atthapol said.

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