AMID volatility of oil and liquefied natural gas (LNG) prices globally the Energy Ministry confirmed that as of July 30 Thailand has sufficient oil reserves for 101 days with several measures being implemented to mitigate the impact of higher oil prices and electricity costs on the public, PPTVHD36 said today (July 31).
Mr. Veerapat Kiattifuengfu, deputy permanent secretary and spokesperson for the Energy Ministry, said the global oil market is facing significant volatility due to the unpredictable US-Iran conflict directly impacting energy supply.
The ministry continues to monitor the situation closely and assessed that July’s oil trading prices were approximately US$7-8 per barrel higher than June’s, or an increase of about 10-12%.
While retail oil prices in neighbouring countries have increased in line with global market prices, Thailand’s Energy Ministry continues to utilise the Oil Fuel Fund mechanism and price controls at refineries, as per the Energy Policy Administration Committee’s directive, to maintain prices and prevent any negative impact on the public’s cost of living.
Meanwhile, imported LNG, a key fuel for electricity generation, has increased significantly. Before the war, it was approximately US$11 per million BTU, but has risen to around US$18-20 per million BTU, an increase of almost 60%.
This is due to the market’s assessment of increased supply risks, as nearly 20% of global LNG supply relies on transportation through the Strait of Hormuz. Prices are expected to rise further in the near future due to increased LNG usage during upcoming winter.
“Regarding imported LNG, which impacts electricity rates, management strategies include increasing gas supply from the Gulf of Thailand, purchasing electricity from short-term renewable energy sources and Laos, plus increasing production at Mae Moh (coal-fired) power plant.
“In order to reduce LNG imports as much as possible, without affecting electricity rates, the Energy Ministry is prepared to implement all necessary measures to reduce the cost of living for the people as much as possible,” he said.
CAPTIONS:
Top: A graphic image of rising oil and LNG prices. Credit – PPTVHD36
Insert – Energy Ministry’s Deputy Permanent Secretary Veerapat Kiattifuengfu. Photo – PPTVHD36
Front Page: A car being filled up at a petrol pump. Photo – Amarin TV
Also read:
Japanese prosecutors drop drug charges against Thai courier
Anutin lacking personal maturity, emotional control: NIDA Academic
Anutin loses his cool over Newin-Pipat conflict
Anutin brands moves to possibly dissolve Bhumjaithai over senatorial rigging scandals ‘pathetic’
Seripisut snubs compromise over libel lawsuit filed by Newin
Thammanat denies meeting Thaksin in Monaco
PM, Bhumjaithai ministers accused of involvement in alleged senatorial rigging conspiracy
Dead YouTuber’s siblings ask Interpol to follow up on the case
OECD lists Colombia as first country to build Culture of Peace Through Tourism
