Thailand’s sustained economic recovery pushes up energy consumption

According to the Energy Policy and Planning Office (EPPO), the rise in energy consumption was primarily driven by an increase in the consumption of refined petroleum products. Aviation fuel consumption saw a significant rise of 89.1%, while petrol consumption increased by 6.2%. However, other energy sources like lignite/coal in the industrial sector saw a drop of 8.9%.

Electricity consumption in the country rose by 0.4% to a total of 64,285 gigawatt-hours (GWh). This expansion was mainly driven by the business sector and other sectors, reflecting improved economic conditions, particularly in the tourism sector, EPPO director-general Wattanapong Kurovat said.

However, electricity consumption in households and the industrial sector dropped by 0.4% and 3.7%, respectively. The decrease in these sectors was influenced by reduced production for exports.

Meanwhile, efforts are underway to study Thailand’s oil-pricing structure with the aim of supporting the use of Euro 5 standard fuels. This will create a better pricing structure that is based on costs and the market’s actual situation, leading to fair prices for consumers, Wattanapong said. He added that the government also aims to drive the Thai economy efficiently through such regulations.

The EPPO is closely monitoring and managing energy policies in response to the energy price crisis, seeking directions and measures to assist the public in future energy crises.

The global oil market conditions in the first four months of the year saw crude oil prices at approximately US$77.45 per barrel, oil at $93.64 per barrel and diesel at $94.17 per barrel. The projected trend for the second half of the year suggests crude oil prices ranging from $81 to $87 per barrel, oil from $96 to $105 per barrel and diesel from $91 to $98 per barrel.

The EPPO projects a 2.8% increase in energy consumption this year, Wattanapong said.