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Bangkok Post
Bangkok Post
Business

Oil price, not supply, is biggest concern, says energy ministry

A food delivery motorcyclist tops up his bike on Navamin Road in Bangkok. The Energy Ministry says price, not supply, is more likely to be affected by the Russian invasion of Ukraine. (Photo: Varuth Hirunyatheb)

Thailand has two-months of oil reserves, but the Russia-Ukraine crisis could affect future energy prices, according to the Energy Ministry.

Permanent secretary Kulit Sombatsiri said on Thursday that as of Monday the country had about 3.2 billion litres of crude oil in stock and another 1.46 billion litres of crude oil en route for delivery, and 1.67 billion litres of refined oil.

That should be enough to meet demand for about two months, he said.

Liquified petroleum gas reserves were sufficient for household consumption for 16 days.

Mr Kullit said the greatest concern of the Energy Ministry was local energy prices. The Russia-Ukraine crisis had already pushed the crude oil price to US$100 per barrel and was having a worldwide impact.

The ministry would try to minimise the impact, but asked people to save energy.

Mr Kulit said the Middle East provides 55% of Thailand's crude oil imports and Russia only  5%, or about 5.22 million litres per day.

Liquefied natural gas made up 18% of total natural gas consumption in the country, with the supply ordered from many sources, he said.

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