Total fuel consumption dropped by 0.05% year-on-year to 156.6 million litres per day (MLD) during the first half of 2024, consistent with the country's economic growth, says the Department of Energy Business.
The Bank of Thailand's Monetary Policy Committee said earlier that second-quarter GDP was projected to expand by 1% from three months earlier, down from 1.5% growth recorded in the first quarter.
From January to June, the usage of diesel, jet fuel and liquefied petroleum gas (LPG) increased while consumption of gasoline and gasohol, a mix of gasoline and ethanol, compressed natural gas (CNG) and fuel oil dropped, said Sarawut Kaewtathip, chief of the Department of Energy Business.
Demand for diesel rose by 3% year-on-year to 68.61 MLD, up from 66.63 MLD, thanks to the state policy to cap its price at 33 baht per litre through a subsidy programme under the Oil Fuel Fund.
The peak tourist season in the first half, coupled with the visa-free scheme and a rise in flights during extended holidays, led to a 17% increase in jet fuel consumption, reaching 15.74 MLD from the previous 13.45 MLD.
LPG consumption also increased by 3.7% year-on-year to 18.35 million kilogrammes per day, due mainly to higher demand in the petrochemical production despite a drop of its usage in other industrial sectors.
Demand for gasoline and gasohol decreased by 0.9% year-on-year to 31.67 MLD.
Mr Sarawut attributed the decrease to high electric vehicle sales, following Chinese EV manufacturers' plans to roll out their locally made models as well as state EV incentive packages to boost consumer demand.
Fuel oil consumption dropped by 23.9% year-on-year to 5.3 MLD, down from 7 MLD.
CNG usage fell by 16.8% year-on-year to 2,900 tonnes per day after PTT Plc, the nation's sole CNG seller, decided to raise retail prices to 19.59 baht per kilogramme.
During the first half of this year, imports of crude oil, LPG and refined oil dropped by 2.3% year-on-year to 1.045 million barrels per day (BPD), with value rising by 5.3% year-on-year to 99.4 billion baht.
Oil exports rose by 4.8% year-on-year to 162,741 BPD, with value increasing by 11.1% to 16.83 billion baht.