PTT Senior Executive Vice President Sarun Rungkasiri said on Tuesday that the current business environment has not allowed the company to make high profit.
Mr. Sarun added that if the government forces the oil business's market margin further down, more petrol service stations will have to shut down soon.
According to Mr. Sarun, since the beginning of this year, the PTT’s market margin has come down to only THB1.00 per liter, compared with the acceptable THB1.50 a liter level.
He said that the looming doom of the retail oil industry is evident with reports which stated that more foreign-owned oil businesses have been selling their assets in Thailand lately.
And in order to keep everything going, the PTT is now looking at the expansion of its non-oil business, particularly asphalt which it aims to increase its focus both here in Thailand and in ASEAN market.
Mr. Sarun said PTT has been in talks with Thai Oil and the IRPC for the asphalt supply for this expansion plan.
Moreover, PTT will also build more petrol stations and expand its oil lubricant sector into neighboring Southeast Asian markets in 2012.