IRPC Annual Report 2023

Factors Affecting the Price of Crude Oil in 2023 (Unit: USD/bbl) Source: Platts & Reuters 2 Jan. 20 2 Mar. 20 2 May 20 2 Jul. 20 2 Sep. 20 2 Nov. 20 2 Jan. 21 2 Mar. 21 2 May 21 2 Jul. 21 2 Sep. 21 2 Nov. 21 2 Jan. 22 2 Mar. 22 2 May 22 2 Jul. 22 2 Sep. 22 2 Nov. 22 2 Jan. 22 2 Mar. 23 2 May 23 2 Jul. 23 2 Sep. 23 2 Nov. 23 Dubai Dated Brent Crude Oil Price 140 120 100 80 60 40 20 0 Mar’ 20 OPEC’s price war, OPEC and allies not agreed on production cut then they increased production volume to fight for market share. Jan’ 21 Saudi Aramco will add more cut 1 mmbd in Feb21-Mar21 support recovery. Feb’ 22 Russia invaded Ukraine Apr’ 21 OPEC Plus will add more production to balance market in May-Jul21. Dec’ 22 EU sanction on Russia crude. Jul’ 21 OPEC Plus agreed to add 0.4 mmbd in every month from Aug21-Dec21 to balance market. Year 2022 U.S. tab strategic crude about 200 mmb to fight against inflation. Nov’ 21 Oil price collapse due to Biden and allies will release SPR to cool down the price. On late of Nov’ 21, new variant Omicron cause new pressure on global oil demand recovery. Year 2022 FED increased interest rate 5 time total 3.75%, support strong USD and pressured oil price. Year 2022 China zero COVID policy was applied for whole year 2022 Apr’ 20 Covid-19 pandemic slump global oil demand mainly on jet and diesel due to social distancing policy stop international flights and lower business activities. May’ 20 OPEC and allies have agreed on production cut 9.7 mmbd in May-Jun and 7.7 mmbd in 2H20. Dec’ 20 Vaccine rollout. U.S. approved for emergency use of Pfizer & BioNtech and Moderna vaccine. 2023 Petroleum Market An Overview of Fuel Consumption in 2023 (January-December) The overall fuel consumption in 2023 averaged out at 152.30 million liters per day, a 0.4% increase compared to the same period of 2022. Gasoline consumption rose by 3.4%, Jet A1 shot up 50.9%, LPG grew 0.6%. Consumption of fuel oil, diesel and NGV decreased by 15.8%, 5.7% and 2.5%, respectively. The average gasoline consumption in January-December 2023 stood at 31.67 million liters per day, an increase of 3.4% from the same period of the previous year. Gasohol 95 consumption rose to 17.97 million liters per day while Gasohol E20 increased to 5.88 million liters per day. Meanwhile, daily consumption of Gasohol 91, Gasohol E85 and regular gasoline decreased to 6.89 million liters, 0.16 million liters and 0.46 million liters, respectively. In 2023, the government decided to lower the prices of all types of gasoline for a period of 3 months, effective from November 7, 2023 to January 31, 2024, to help people reduce people’s living expenses. Price of Gasohol 91 was down by 2.50 baht per liter while regular gasoline and Gasohol 95 by 1 baht per liter and Gasohol E20 and Gasohol E85 dropped by 80 satang per liter. Such fuel subsidies was made possible through a temporary reduction in excise tax on gasoline and withdrawal from the Oil Fuel Fund. The diesel consumption in January-December 2023 averaged 68.91 million liters per day, a decline of 5.7% from the same period of the previous year, with daily consumption of ordinary high-speed diesel, B20 high speed diesel and base diesel fell to 0.77 million liters, 0.15 million liters and 3.58 million liters, respectively. Meanwhile, B7 high-speed diesel consumption increased 76 Structure and Business Operations of IRPC IRPC Public Company Limited

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