Thailand holds 108-day oil buffer as fund remains negative

Thailand has accumulated oil stocks and confirmed supplies sufficient for 108 days of domestic demand as the Energy Ministry diversifies crude imports in response to disruption risks arising from unrest in the Middle East.

Veerapat Kiatfuengfoo, deputy permanent secretary for energy and the ministry’s spokesperson, said global oil prices had continued to rise as economic and geopolitical factors affected energy supplies worldwide. 

Thailand has monitored its crude supply closely since the Middle East unrest began, shifting towards alternative sources and increasing imports from countries including the United States and Argentina, he said.

Stocks and confirmed supplies cover 108 days

As of July 23, Thailand’s available stocks and scheduled supplies comprised:

• 2.353 billion litres of commercial reserves, including crude and refined petroleum products.
• 3.385 billion litres of statutory reserves.
• 4.299 billion litres of crude oil in transit.
• 3.280 billion litres of confirmed supplies awaiting shipment.

The combined amount was sufficient to meet national demand for 108 days. Average daily consumption stood at 57.26 million litres of diesel and 30.36 million litres of petrol.

Relevant agencies have been instructed to maintain readiness and manage stocks carefully to ensure sufficient supplies for households and businesses without shortages, Veerapat said.

Diesel refinery price cut approved

The Energy Ministry also plans to use pricing measures to limit the effect of global oil volatility on domestic living costs.

At its eighth meeting of 2026 on July 23, the Energy Policy Committee approved a reduction of 2.40 baht per litre in the refinery price of high-speed diesel.

The reduction took effect on July 24 and will remain in place until August 15, after which the measure will be reviewed in line with prevailing conditions.

The ministry will continue using the Oil Fuel Fund to balance domestic prices and cushion consumers from fluctuations in global energy markets.

The fund stood at a deficit of 63.921 billion baht on July 23, but the ministry said it still had sufficient liquidity and capacity to manage prices at an appropriate level within the government’s fiscal-discipline framework.