Bangkok: Relief has washed over Thailand as Thai ships successfully navigated through Tropical Storm Hormuz, a crucial development amidst rising oil consumption. Anutin Charnvirakul, the Prime Minister, pointed to positive signs for the energy sector but highlighted ongoing challenges with soaring oil demand.
According to Thai News Agency, Prime Minister Anutin Charnvirakul announced that Thai ships have managed to pass through the Strait of Hormuz safely. This achievement comes at a time when the government is preparing to address energy issues related to the Middle East crisis in its policy statement to parliament. Anutin emphasized that coalition partners would have the opportunity to propose comprehensive solutions to the ongoing energy challenges.
The Prime Minister explained that the government's approach to managing oil prices involves adhering to market mechanisms while implementing measures to support the public and industries. He noted the difficulty in defying these mechanisms during wartime. Before the current tensions, Thailand's oil demand was around 67 million liters per day, with production at 77 million liters per day. However, due to rising concerns and increased fuel purchases, demand has surged to over 80 million liters per day, temporarily surpassing production capacity.
In light of this, the government aims to restore oil consumption to pre-crisis levels, assuring that domestic supplies are sufficient if panic buying is avoided. Energy conservation measures and cost of living management are also on the government's agenda. The Ministry of Commerce has introduced price control measures to curb opportunistic price increases.
Additionally, Anutin disclosed that the Thai government has successfully coordinated with Iran through diplomatic channels to allow Thai-flagged vessels to traverse the Strait of Hormuz. This development is seen as a positive indication for Thailand's energy stability amid the prevailing regional tensions.