Thailand’s February lube demand slips

Thailand’s lube demand fell in February for a seventh month in eight as signs of waning consumer confidence countered a recent pick-up in demand for automobiles.

Lube demand of 50,160 kilolitres (44,430t) in February was steady from January. But it fell by 5pc from year-earlier levels, government data showed.

Thailand’s lube demand usually falls more steeply in February from the previous month. It then typically rebounds in the month of March ahead of the festival season in April.

The more muted slowdown coincided with a recent improvement in the country’s automobile sales. These climbed in February for a second month. They had fallen sharply throughout second-half 2021.

Thailand’s industrial production has also continued to grow in the first two months of the year, even if at a slower pace than during the fourth quarter of 2021.

But consumer confidence has continued to trend lower in recent months amid concern about the country’s economic prospects.

Thailand’s motor oil consumption fell by 8pc in February from a year earlier amid a sharp slowdown in demand for heavy-duty engine oils.