Thailand’s Fuel Fund Executive Committee has resolved to maintain the current diesel price cap at 34 baht per liter, while the consumption rate of fuel continues to rise as the country emerges from the pandemic.
The Oil Fuel Fund Office (OFFO) announced it is maintaining the 34 baht per liter price cap for diesel in the first week of March. OFFO Director Wisak Watanasap stated that the global oil market continued to see price fluctuations, largely due to high demand driven by China’s border reopening, concerns over the United States’ federal rate hike, the appreciation of the U.S. currency and the ongoing war in Ukraine.
OFFO’s latest Oil Fuel Fund balance stands at negative 104.01 billion baht.
Fuel consumption in January this year averaged 161.49 million liters per day, showing a 6.2% growth from the same period last year. Consumption in January saw a 3.1% increase in diesel, a 102.7% increase in aviation fuel, a 7.4% increase in heavy fuel oil, a 9% increase in NGV and a 1.5% increase in Benzine products, as well as a 3.8% decrease in LPG and a 19.2% decrease in Kerosene.
Thailand’s fuel consumption continues to show a growing trend, thanks to the economic recovery and the resurgence of travel both among domestic and international travelers. (NNT)
