Bangkok: The Ministry of Energy is actively addressing the escalating oil prices in the Middle East, affirming that there is adequate oil available for the next 108 days. They plan to utilize funds from oil refineries and the Oil Fund to stabilize prices, despite the Oil Fund currently being in a deficit of 63,921 million baht.
According to Thai News Agency, Mr. Veerapat Kiattifuengfu, Deputy Permanent Secretary of the Ministry of Energy and spokesperson for the Ministry, highlighted the continuous efforts to monitor rising global oil prices. He emphasized Thailand's preparedness regarding crude oil supply, with measures in place since the onset of Middle East unrest. These measures include diversifying crude oil sources and boosting import volumes from countries such as the United States and Argentina.
As of July 23, 2026, Thailand's total oil reserves included 2,353 million liters of commercial oil, 3,385 million liters of legally mandated reserves, 4,299 million liters of crude oil in transit, and 3,280 million liters of oil with confirmed supply awaiting shipment. The cumulative oil reserves are sufficient to meet the country's needs for 108 days, with average daily diesel consumption at 57.26 million liters and gasoline at 30.36 million liters.
In response to the situation, relevant agencies have received directives to meticulously manage resources to ensure domestic fuel reserves remain sufficient, thereby preventing any shortages. The Ministry of Energy is committed to stabilizing domestic retail fuel prices to mitigate the impact on living costs. On July 23, 2026, the Energy Policy Administration Committee (EPAC) approved a reduction in the refinery price of diesel by 2.40 baht per liter, effective from July 24, 2026, until August 15, 2026, with a subsequent review planned.
The Ministry also plans to continue leveraging the Fuel Fund to balance and cushion the effects of global energy price fluctuations. Despite the Fuel Fund's current deficit, it retains enough liquidity and capacity to manage prices effectively, ensuring economic stability within the framework of fiscal discipline.
Mr. Weerapat stated, "The Ministry of Energy will implement various measures, such as reducing prices at refineries and utilizing the Fuel Fund mechanism, to stabilize domestic retail prices and reduce the burden of energy costs. We are also prepared to take all necessary measures to minimize the impact on the cost of living for the public."