THAILAND IN TALKS FOR ALTERNATIVE OIL SOURCES AMID WEST ASIA CONFLICT

By Kenny Teng

BANGKOK, March 13 (Bernama) -- Thailand is ramping up negotiations to secure additional oil supplies from sources outside the Gulf region to offset any potential shortfall amid ongoing tensions in West Asia.

Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said Thailand currently has oil reserves sufficient for approximately 98 days of consumption.

He said the Energy Ministry had reported that oil consumption in the country over the past two days had returned closer to normal levels.

“Discussions are ongoing to secure additional alternative energy sources, mitigate the impact on fuel prices and promote energy conservation measures,” he said in a statement after chairing a meeting of the Centre for Administration and Monitoring of the Situation of Fighting in the Middle East (CABM) on Friday.

Phiphat added that the Department of Energy Business, together with provincial energy offices nationwide, had inspected oil reserves at all 122 storage facilities across the country to ensure adequate supply.

He also said public awareness campaigns would be launched, while government agencies and the private sector would coordinate closely to manage the energy situation.

In addition to efforts to secure oil supplies, Phiphat said the government was monitoring diesel prices in line with instructions from Prime Minister Anutin Charnvirakul.

He added that diesel prices would remain capped until March 16, after which they would be reviewed.

Meanwhile, Phiphat said the Commerce Ministry had provided an update on product prices, trade conditions, and its assessment of inflation trends stemming from the conflict.

“The ministry has outlined measures to address direct, indirect and structural economic impacts. These include establishing a ‘war room’ to closely monitor the situation and instructing provincial commerce offices nationwide to inspect prices of goods linked to energy costs,” he said.

-- BERNAMA