BANGKOK, THAILAND – Long queues formed at petrol stations across the capital as drivers rushed to fill up amid fears of looming fuel shortages and rising prices.
War in Gulf Triggers Wave of Panic Buying
The rush to pump fuel followed the escalation of the Hormuz crisis, which had continued since 28 February. After joint US-Israeli air strikes on Iran, the Islamic Revolutionary Guard Corps (IRGC) blocked radio clearance for transit through the Strait of Hormuz.
Around 20 million barrels of oil passed through the 33‑kilometre‑wide chokepoint each day, about one fifth of global demand. At least three tankers were fired upon near the strait, prompting Maersk and Hapag-Lloyd to halt their transits.
Motorists in Bangkok drew their own conclusions as they waited at pumps stretching out onto major roads. Cars backed up at a PTT station on Vibhavadi Road on Monday, with similar scenes reported across the city as drivers tried to refuel while prices still held.
Stations Ran Dry Even Before the Rush Peaked
The panic was not limited to the capital. Thailand sourced roughly one third of its energy needs from the Gulf region, all shipped through Hormuz.
In Mae Sai in Chiang Rai province, unusually long lines formed at petrol stations as early as 2 March. Several outlets ran out of Gasohol 95 by that afternoon, even as other fuel types remained available but visibly dwindled.
Staff at the affected stations were caught off guard by the sudden surge in demand. Supplies of alternative fuels were still on hand, yet stock levels dropped steadily as more motorists joined the queues.
Ministry Bans Oil Exports to Protect Stocks
The Energy Ministry declared a state of “total security” and temporarily banned exports of petroleum products to preserve domestic reserves. Nationwide, almost 4.92 billion litres of crude oil and refined products were in storage, enough for 38 days of consumption.
Including shipments already en route, reserves were estimated to cover about 61 days. Four LNG vessels were heading to Thailand; two had already passed Hormuz, while two others remained in transit.
Despite these buffers, sentiment in the market stayed nervous. The export ban was presented as a precautionary step to reassure the public and buy time as the regional situation evolved.
Wednesday Marked as First High-Risk Day
Because 3 March was a public holiday, fuel prices were not adjusted immediately. Energy economist Praipol Koomsup of Thammasat University identified Wednesday, 4 March, as a first critical threshold for domestic prices.
If tensions did not ease by then, he warned that retail fuel prices in Thailand could begin to climb noticeably. International oil prices were fluctuating between 75 and 85 dollars per barrel, an increase of roughly seven percent over recent levels.
As of 1 March, the state fuel stabilisation fund held a balance of 2.46 billion baht. The government could deploy this fund to cushion sharp price spikes for consumers in the short term.
Industry Fears Chain Reaction Across Economy
The Federation of Thai Industries (FTI) cautioned that a prolonged closure of the Strait of Hormuz could have far‑reaching consequences. The group said higher fuel prices might feed through into disrupted supply chains and rising inflation.
According to the report, the conflict had already caused 9,600 flight delays and cancellations worldwide. This was described as a heavy blow to global tourism, which Thailand relied on as a key driver of its economy.
The government continued to project an inflation rate of 0.3 percent for 2026. Experts cited in the report viewed this forecast as difficult to sustain under the current circumstances.
Panic Symptoms Expose Structural Weakness
Officials characterised the queues at Bangkok petrol stations as a panic reaction. The Energy Ministry insisted that Thailand’s fuel supply was secured for at least two months under present stock levels and expected deliveries.
At the same time, the conflict in the Middle East highlighted a deeper structural vulnerability in Thailand’s energy system. The country remained heavily dependent on a single maritime route for a large share of its imports, despite long‑standing awareness of the risk.
The report concluded that those who had known about this exposure for years had done too little to reduce it. The current scramble for fuel was portrayed as both a temporary shock and a warning signal for Thailand’s long‑term energy security.