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PTT set to cut retail fuel prices if global prices continue falling

January 12, 2008

PTT set to cut retail fuel prices if global prices continue falling

Thailand's top energy giant PTT Plc says it is ready to cut local retail oil prices next week if global oil prices continue to fall.

Chaiwat Churitthi, senior executive vice president of the PTT Oil Business Group, said concerns over crude prices in the world market had now eased since oil reserves had increased and cold weather in Europe had lessened.

The situation caused crude prices in the global market to fall by almost US$2 per barrel.

However, he said, since the marketing margin for gasoline and diesel remains at 1.20 baht and 0.98 baht per litre, lower than the normal level of 1.50 baht per litre, the company had not yet cut its retail oil prices this week.

But if the global crude prices continue to drop in the coming week, he said, PTT was ready to reduce retail prices of fuel, particularly diesel, since it had a direct impact on product prices.

Regarding a shortage of oil plants such as palm for alternative fuel production, he said, PTT had not experienced the problem since producers of oil palm could still supply raw materials to the company.

Courtesy TNA

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