Bangkok: Diesel consumption in the first quarter saw a significant increase due to a price freeze while oil exports remain restricted. The Director-General of the Department of Energy has confirmed that the country's refineries must ensure a steady supply despite the export ban, which has led to a 16% drop in oil exports.
According to Thai News Agency, Mr. Sarawut Kaewtathip, Director-General of the Department of Energy Business (DOEB), stated that the Ministry of Energy is evaluating the possibility of lifting the temporary ban on the export of refined oil products. This consideration comes as domestic oil reserves have surpassed targets, and refinery storage tanks are reaching their maximum capacities. Although exports are still prohibited, refineries are mandated to maintain production levels and report daily cost figures and oil stock levels to the DOEB to avoid hoarding and prevent shortages at gas stations.
The average export volume of refined oil products from January to March 2026 was recorded at 126,711 barrels per day, marking a 16% decrease compared to the same period in the previous year. This decline is attributed to stringent government measures that ban the export of refined oil products and liquefied petroleum gas (LPG), with exceptions made only for exports to Laos and Myanmar. These measures, effective from March 6, 2026, are part of Prime Minister's Order No. 2/2026, aiming to address domestic energy supply concerns amid geopolitical tensions and a maritime blockade in the Strait of Hormuz.
From January to March 2026, the average daily fuel consumption rose to 166.77 million liters, indicating a 5.3% increase. Concurrently, average fuel imports experienced a 2.1% drop, equating to 1,042,838 barrels per day. Gasoline consumption averaged 33.21 million liters daily, a 6.4% rise, while diesel consumption hit 72.33 million liters per day, up by 5.7%. This surge is largely driven by the uncertainty in global oil prices due to Middle Eastern conflicts, leading to five price hikes totaling 10.80 baht per liter in March. Despite these pressures, the Thai economy continued its growth trajectory, aligning with the Fiscal Policy Office's forecast of a 1.61% growth in 2026.
Jet A1 consumption showed a 4.3% increase, averaging 20.04 million liters daily, buoyed by a rise in flights and cargo transport. Fuel oil usage also rose by 14%, driven by increased consumption in ocean-going vessels, which correlates with Thailand's 17.6% export value growth in early 2026, primarily led by electronics and electrical appliances due to rising demand for AI and data center technology.
LPG consumption climbed by 3.7% to an average of 17.84 million kg per day, fueled by the petrochemical sector's demand. In contrast, NGV consumption saw a 14.3% decline, averaging 2.16 million kg per day.