Local fuel consumption up 13.5% y/y
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Local fuel consumption up 13.5% y/y

Motorists top up their tanks in Bangkok. (Photo: Chanat Katanyu)
Motorists top up their tanks in Bangkok. (Photo: Chanat Katanyu)

Domestic fuel consumption for the first seven months grew by 13.5% year-on-year for all kinds of fuel except kerosene, according to the Department of Energy Business.

Fuel for the transport, household and industrial sectors grew to 151.04 million litres per day, reflecting  economic recovery.

DOEB director-general Nantika Thangsuphanich said on Tuesday that the easing of Covid restrictions, the downgrading of Covid-19 from pandemic to epidemic and freedom of road and air travel meant resumed growth in the consumption of all main fuels. Kerosene was the exception, because users shifted to cheaper fuels.

Fuel prices skyrocketed early this year but declined in June. This was the main factor in the rise in fuel consumption, aided by the capping of the retail price of standard diesel, compressed natural gas and liquefied petroleum gas.

The use of diesel, the largest fuel sector, grew by 16.2% to 73.44 million litres on average per day.

Its retail price was capped at 34.94 baht per litre through the state Oil Fuel Fund subsidy at 5.38 baht per litre from the real market price of 40-41baht per litre, Ms Nantika said.

Although petrol was not included in the subsidy scheme, its consumption grew by 2.4% to 29.8 million litres per day.

Meanwhile, jet fuel consumption went up by 69.5% to an average of 7.59 million litres a day, she said.

Consumption of LPG grew by 9.4% to 18.71 million kilogrammes per day.

Consumption of compressed natural gas (CNG) rose by14.8% to 3.39 million kg per day due to the capped price at 13.62 baht per kg by sole CNG  seller state-owned PTT Group.

Ms Nantika said that in the first seven months the country's fuel imports grew by 14.5% to 1.03 million barrels per day. Crude oil imports averaged 963,155 barrels per day, up 11.7%, and refined oil was imported at 68,427 barrels per day, up 78%.

The value of imported crude oil increased by 103% to 108.45 billion baht per month and refined oil rose by 147% to 5.84 billion baht per month.

Exports of refined oil dropped by 6.3% to 153,954 barrels a day but its value rose by 84.6% to 5.84 billion baht on average per month.

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