Energy Minister Atthapol Rerkpiboon says that diesel pump prices will not increase for the next 7-10 days, but prices of other oil products may rise slightly.
Speaking on a television talk show, the minister said that Thailand has sufficient oil and gas reserves to meet domestic demand for up to 60 days and that there is still time for Thailand to secure alternative sources of oil, such as the from the US, western Africa and Malaysia, in addition to sources in the Middle East which usually provide 50% of Thailand’s oil imports.
He said that, even though the vital Strait of Hormuz has now been closed, oil supplies continue to arrive in Thailand.
Regarding liquefied natural gas (LNG), of which 20% is supplied by Qatar and fuels the production of 20% Thailand’s electricity generation, Attapol said any reduction in electricity generation due to a shortfall in LNG supplies from Qatar will be made up for by increasing LNG production from sources in the Gulf of Thailand and Malaysia, or with hydroelectric power from Laos.
Atthapol asked the public not to panic, adding that the Energy Ministry will be able to manage the situation and that the Oil Fuel Fund will be used to cap diesel prices.
If it becomes necessary for the prices of other refined oil products to increase, he said that the increases will not be substantial.
