The war between Israel and Hamas is not affecting Thailand’s energy reserves, according to the country’s main oil company, PTT. According to the company, the current energy price increase is a short-term effect, and the overall price is likely to rise slightly since before the war.
The company expects the global energy price on the world market to settle at $2 per barrel above the pre-war price, and sees the recent price rise as a short-term psychological effect.
1,200 dead in Hamas attack and Israeli retaliation
PTT CEO Auttapol Rerkpiboon revealed that the current situation is not worrying, in case it is not prolonged or extended.
PTT has been securing a sufficient level of oil and gas reserves, while the company is able to source fuel from other suppliers around the world, in order to replace fuel from affected sources.
Regarding the government’s move to reduce electricity prices, Mr. Auttapol stated that PTT is willing to cooperate with the Government by postponing the current billing cycle charged to the Electricity Generating Authority of Thailand for fuels used for generation Of electricity.
PTT has been securing a sufficient level of oil and gas reserves, while the company is able to source fuel from other suppliers around the world.
The CEO of PTT also mentioned that its subsidiary PTT Oil And Retail Business is willing to cooperate with the Ministry of Energy on marketing tariffs. The government wants to limit this marketing fee, which is usually included in retail oil prices, to a maximum of 2 baht per litre.