Thailand’s aviation sector is preparing for a significant rebound, driven by a surge in air travel and increased demand for jet fuel, according to Bangkok Aviation Fuel Services Plc (BAFS). The company, responsible for refueling operations at Suvarnabhumi and Don Mueang airports, anticipates substantial growth as the aviation industry recovers from the pandemic’s impact.
BAFS President ML Nathasit Diskul highlighted the company’s projected 18% year-on-year revenue increase, expecting to generate 3.6 billion baht in 2024. Diskul attributed this growth to the rising number of flights and the corresponding increase in jet fuel consumption.
Data from the Department of Energy Business shows that from January to June, Thailand’s jet fuel consumption rose by 17%, reaching 15.7 million litres per day, up from 13.5 million litres in the same period last year. A combination of factors, including a strong tourist season, visa-free entry for many visitors, and a rise in flight numbers during long holiday periods, contributed to this demand.
BAFS expects to sell 5 billion litres of jet fuel in 2024, a 16% increase from 4.3 billion litres sold in 2023. The Bank of Thailand has also reported an uptick in foreign visitors, with 3.1 million tourists arriving in July, primarily from Malaysia, China, Russia, and Europe, surpassing the 2.7 million in June. However, there was a slight decrease in tourists from the Middle East and India.
Airports of Thailand (AoT) has set ambitious goals for expanding Suvarnabhumi Airport’s capacity to handle 80 million passengers annually by 2031. This follows the opening of a new satellite terminal last year, which raised the airport’s capacity from 45 million to 60 million passengers. AoT President Kerati Kijmanawat reiterated their commitment to positioning Suvarnabhumi among the top 20 airports globally within five years.
With both BAFS and AoT ramping up operations, Thailand’s aviation sector is on a path toward strong recovery and future growth, setting the stage for increased connectivity and travel activity.
