BANGKOK (NNT) – The war between Israel and Hamas is not affecting Thailand’s energy reserves, according to the country’s main petroleum firm PTT. The company said the current surge in energy price is a short-term effect, with the overall price likely to move up slightly from prior to the war.
The company is expecting the overall energy price in the global market to settle at a rate that is 2 dollars per barrel higher than what the price was prior to the war, while deeming the recent price surge a short-term psychological effect.
PTT’s CEO Auttapol Rerkpiboon revealed the current situation is not concerning, should there be no prolongation or spillover.
PTT has been ensuring a sufficient level of oil and gas reserves, while the company is able to source fuel from other providers around the world, in order to substitute the fuel from the affected sources.
On the government’s measure to cut down on electricity prices, Mr. Auttapol said PTT is ready to cooperate with the government by deferring the current invoice cycle charged to the Electricity Generating Authority of Thailand for the fuels used for electricity generation.
The PTT CEO also mentioned that its subsidiary firm PTT Oil And Retail Business is ready to cooperate with the Ministry of Energy on marketing tariffs. The government is now looking to cap this marketing tariff, which is usually included in the retail oil prices, to a maximum of 2 baht per liter.