Thai observers will keep a close eye on this year’s G7 summit in Germany at the end of this month, where important measures needed to address major crises around the world are expected to be discussed.
According to Energy Minister Supattanapong Punmeechaow, the meeting of economic powers, as well as any proposed energy-related solutions, will have a significant impact on all nations affected by the global energy crisis.
Minister Supattanapong said the Thai government has been running its own campaigns to support the production and sale of electric vehicles (EVs) that run on clean energy in order to help mitigate the problem. He noted, however, that additional external factors beyond the government’s control have been blamed for the current fuel crisis.
Prior to the pandemic two years ago, the price of crude oil was US$70-80 per barrel (2,470-2,820 baht). Oil prices fell to around $50 per barrel during the height of the pandemic, which restricted travel and reduced global gasoline consumption.
According to the energy minister, the price of crude rebounded to $70 per barrel before soaring to nearly $100 following the widespread availability of coronavirus vaccines and resumption of economic activity in 2021. Fuel prices have since reached an all-time high of $120 per barrel and continue to climb amid the conflict between Russia and Ukraine.
The ministry projects that the global rise in fuel prices will persist for some time, adding that the hoarding of food and commodities such as wheat and copper had also pushed up market prices. (NNT)
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