The Energy Ministry spokesperson urged the public not to panic or hoard fuel, stressing that supplies are sufficient and that mechanisms through the oil fund are prepared to manage pricing.
On 3 March 2026, Mr. Weeraphat Kiattifungfoo, Deputy Permanent Secretary of the Energy Ministry and ministry spokesperson, announced that the Energy Ministry, through the Department of Energy Business, has urgently called an oil traders' meeting to prepare and expedite oil procurement. This follows Iran's announcement this morning to completely close the Strait of Hormuz, impacting imports. Traders were urged to source continuously from regions outside the Middle East, such as the U.S., West Africa, and Malaysia, to ensure domestic reserves meet public demand. The oil fuel fund mechanism will be used to compensate for any rising oil prices.
The Energy Ministry continuously assesses risks and preventive measures against fuel shortages. As of 1 March 2026, domestic fuel reserves and legally mandated stockpiles amount to 4.877 billion liters, with an additional 2.783 billion liters of crude oil in transit, totaling 7.66 billion liters. This supply can last 60 days if no new imports arrive. In reality, oil procurement continues steadily from other sources, though prices may rise following global market trends.
Regarding reports of oil exports to Laos and neighboring countries, the ministry confirmed these exports are conducted under prior contracts. Thailand and Laos maintain strong energy relations, including both oil exports from Thailand to Laos and electricity imports from Laos to Thailand. The ministry has reinforced strict controls to prevent re-exports to third countries. Should the situation prolong or escalate into a crisis, the Department of Energy Business will set appropriate conditions to suspend exports to enhance national energy security, while considering impacts on neighboring countries vital to Thailand's energy stability.
“We urge the public not to panic or hoard large quantities of fuel, as such hoarding is illegal and may pose storage hazards. The Energy Ministry is confident that domestic reserves are sufficient to meet demand. Although current reserves cover 60 days, oil is continuously procured from sources outside the Middle East, such as the U.S., West Africa, and Malaysia. Additionally, the oil fuel fund mechanism will be used to offset price increases to ease the financial burden on citizens. As for reports of oil exports to neighboring countries under contracts established before the unrest, the ministry is closely monitoring the situation and will be ready to suspend exports if the crisis worsens. We emphasize that the Energy Ministry will closely monitor developments and implement all necessary measures prioritizing the interests of the Thai people.” Mr. Weeraphat concluded.