SET-listed Susco, a local oil trader, is warning businesses in the energy sector not to become complacent even if the government can achieve its goal to vaccinate 70% of the population this year.
The company issued the warning after Prime Minister Prayut Chan-o-cha announced on Wednesday that his government believes it can acquire 105.5 million doses of Covid-19 vaccines this year under its mass inoculation plan to build herd immunity.
Chairit Simaroj, managing director of Susco, said oil operators must remain vigilant because it is hard to say whether Thailand will see another outbreak.
"If we're not careful about risk, we'll face a complete collapse," he said.
Some countries that managed to vaccinate a large percentage of their population are still facing new outbreaks with a worrying number of infections.
"If we end up in the same situation, our economy will tumble and it will be difficult to recover," Mr Chairit said.
The government has spent great sums to help restore the economy as Thailand struggles with a devastating third wave of Covid-19, with the first two waves taking place in 2020.
Seeing a diminishing amount of fiscal-monetary injections, the government has decided to issue another 500-billion-baht loan decree to further help the ailing economy.
Susco is among the oil companies that have seen their sales drop.
Gasoline and diesel sales have declined by 20% from 40 million litres a month prior to the third outbreak to 30 million litres, Mr Chairit said.
Meanwhile, jet fuel sales also remain low at 10 million litres a month since the first outbreak, compared with 40 million litres pre-pandemic.
PTT Oil and Retail Business Plc (OR) also faces a similar situation.
Boonma Phonthanakornkul, OR senior executive vice-president for the oil business, said sales have dropped 10% since the third wave.
Gen Prayut's latest announcement to reopen Thailand within 120 days may boost business confidence, but according to Mr Boonma, whether business can be restored will depend on the vaccine rollout.