Appeal for energy reforms as oil prices still fluctuate

Thailand dependent on imports

Dependence on imported oil is a structural weakness, says Mr Ekniti. Pattarapong Chatpattarasill

Global crude oil prices remain highly volatile due to geopolitical factors, underscoring the need for Thailand to urgently address its structural weaknesses, says Finance Minister Ekniti Nitithanprapas.Speaking after oil prices rebounded following renewed strikes between the US and Iran, he said geopolitical uncertainty has intensified, pumping up oil prices again.

"We live in an increasingly volatile world. But regardless of whether oil prices rise or fall, one fact remains unchanged: the Thai economy has structural weaknesses," said Mr Ekniti. "Thailand relies heavily on imported oil, making the economy highly vulnerable to fluctuations in global oil prices."

He said any decline in oil prices is likely to be temporary. Therefore, Thailand must urgently reduce its dependence on imported oil.