Energy consumption in Thailand this year is expected to grow by only 0.1% to an average of 2,015 kilo barrels of oil equivalent per day, mainly due to strict Covid-19 travel restrictions, compared with 2.8% growth in the first half of 2021.
All energy products, including refined oil, natural gas, coal and electricity, were factored into the calculation made by the Energy Policy and Planning Office (Eppo).
Wattanapong Kurovat, director-general of Eppo, said the estimate was based on the average growth of the domestic economy at a range of between 0.7% and 1.2%, projected by the National Economy and Social Development Council, as well as crude oil prices.
He said crude oil prices could decline next year due to additional production.
The Dubai crude oil price is expected to be US$66 per barrel on average this year, he said.
While travel restrictions have lowered energy consumption in the transport sector, export expansion helps drive demand for bunker oil and liquefied petroleum gas (LPG), according to Eppo.
Demand for LPG is expected to grow significantly because the gas is increasingly needed as a feedstock for the petrochemical sector.
During the first half of 2021, refined oil consumption declined by 3.9% to 122.4 million litres per day (MLPD).
Its whole-year consumption is expected to decrease by 5.5% to 120 MLPD, a drop from 127.3 MLPD last year.
Work-from-home guidelines and people spending more time at home have played a role in driving up power demand.
However, according to Eppo, demand for electricity throughout 2021 is expected to decline by 0.4% to 186,253 gigawatt hours (GWh), compared with 192,960 GWh last year.
Diesel consumption in the first half of this year declined by 1.1% to 64.9 MLPD, down from 65.6 MLPD last year.
During the six-month period, consumption of gasoline and gasohol grew by 0.2% to 29.7 MLPD and jet fuel demand declined by up to 53% to 4.8 MLPD.
Bunker oil consumption grew by 19.6% to 5.4 MLPD and LPG demand grew by 1.4% to 17.6 MLPD.
