Thailand’s PTT Oil and Retail (PTT) was the country’s largest lube supplier in 2023 on the back of higher sales even as Thailand’s total lube consumption fell.
PTT displaced Shell Company of Thailand (Shell), which was the country’s largest lube supplier in 2022.
PTT covered around 32pc of Thailand’s total lube consumption in 2023, up from around 29pc of the total the previous year, government data showed.
PTT’s share rose on the back of an 8pc rise in its total sales in 2023.
Its sales rose even as Thailand’s total lube consumption fell by 3pc to 455,700 kilolitres in 2023.
Like other markets last year, the drop in the country’s total consumption increased the importance for blenders to boost market share to support higher sales.
Shell was Thailand’s second-largest lube supplier in 2023 with a share of around 30pc of the total.
The share fell from around 32pc of the total in 2022, when its sales were also higher.
PSP Specialties was Thailand’s third-largest lube supplier in 2023 with a share of more 15pc of the total. The share was up from less than 14pc of the total the previous year.
PTT, Shell, and PSP Specialties combined accounted for more than 75pc of Thailand’s lube consumption in 2023.
The share was up slightly from the previous year.
The large share among a relatively small number of companies contrasted with other markets in the region like Vietnam.
Seven blenders accounted for more than 75pc of that country’s base oils imports in 2023.
