BAFS fuel sales set to fall as war weakens demand

Ground crew refuel an aircraft with Jet A-1 fuel.

SET-listed Bangkok Aviation Fuel Services Plc (BAFS) expects total fuel sales this year to fall slightly to 3.67 billion litres, down 1% from 3.7 billion litres in 2025, due to weaker demand caused by war in the Middle East and a global economic slowdown, said company president ML Nathasit Diskul.Jet fuel refilling services, which account for more than half of BAFS's revenue, are projected to grow modestly by 1% to 5.4 billion litres, up from 5.34 billion litres last year.

However, the company's oil pipeline service, which transports fuel for vehicles to northern Thailand, is projected to decline by 1% due to weaker demand amid persistently high fuel prices.

Despite the anticipated revenue dip, ML Nathasit stressed that profits should improve thanks to long-standing cost-control measures. The company has also scaled back unnecessary capital spending to preserve liquidity and maintain strong cash reserves.

Looking ahead, BAFS is accelerating its push into renewable energy.