The Energy Ministry is prepared for tensions in the Middle East after two oil tankers were attacked on Thursday in the Gulf of Oman, with Iran alleged to be the attacker.
This tension drove up oil prices by US$2 per barrel and raised concerns about a new US-Iranian confrontation.
Energy Minister Siri Jirapongphan said legal commercial oil reserves remain at 50 days, which is sufficient for the country.
Relevant oil and gas regulators have been ordered to monitor the political conflict in the Middle East.
Mr Siri said oil and gas state agencies under the ministry are preparing to deal with the possibility of oil and gas supply interruption as the conflict escalates.
Representatives from all energy agencies were ordered to discuss detailed measures a week ago at the ministry.
"Crude oil reserves stand at 2.96 billion litres, equal to 24 days, while reserves being transported stand at 1.59 billion litres, equal to 13 days," Mr Siri said of the country's current reserves. "All refined oil [petrol, diesel and jet fuel] stands at 1.55 billion litres, enough for 13 days."
He said cooking gas stands at 117.89 million kilogrammes, enough to support roughly 5.9 households nationwide for a 20-day period.
The ministry has implemented new measures to prevent petroleum hoarding among buyers.
Mr Siri said plans to import liquefied natural gas (LNG) from Qatar Gas at 2 million tonnes a year would not be affected by the tense situation, so the power generation system remains a neutral operation, while LNG makes up less than 5% of power generation.
He said the situation will ease if there are no confrontations among the countries involved.
"The ministry hopes for no impact on local oil prices in the retail market because prices had declined before the attack," he said.
While oil exporting countries are cutting their production, surplus output from the impact of the US-China trade war will not be offset, with the production volume of crude oil from the US rising to 14 million barrels per day.
"Every $5 change of crude oil prices in the global market will change retail prices in Thailand by one baht per litre, so the $2 rise will not have much impact for now," Mr Siri said. "Crude oil prices stand at $60-62 per barrel, making the retail fuel prices 25 baht per litre for diesel and 26-27 baht per litre for petrol."
He said the alleged attack will raise crude oil prices to $75 per barrel in the worst-case scenario.
Biodiesel usage in the country -- B7, B10 and B20 -- can reduce heavy dependence on oil imports, he said.
Mr Siri reported that the state Oil Fund has a cash flow of 37 billion baht ready for possible oil price fluctuations.
