PTT expects global oil price to hover around 120 USD/barrel

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BANGKOK, 6 July 2011  – The domestic giant oil retailer and refinery PTT Plc expects the global crude oil price as well as petroleum products prices to move around 100-120 US dollars per barrel in the latter half of this year. 

PTT Plc CEO and President Prasert Bunsumpun said the current oil price will still be fluctuating due to many factors, especially the economic uncertainty in Euro Zone and the persisting unrest in the Middle East. He noted that both diesel and benzene prices are hovering around 120 US dollars per barrel in the global market.

Regarding the oil price estimate in the next six months, the global crude oil price is anticipated to stand at 100 US dollars a barrel while the petroleum products to be about 120 US dollars per barrel.

Therefore, Mr Prasert believed the oil price movement will not bring much change to the domestic retail oil prices provided that the country’s energy price structure is not adjusted.

Meanwhile, PTT Senior Executive Vice President Sarun Rungkasiri said the domestic retail oil price is projected to increase within next few days as a consequence of the higher oil price in the global market. He said, besides, that the marketing margins of every petroleum product remain below 1.20 baht per litre for the time being.