Pailin expects global oil price to be maintained at 110 dollars/barrel

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BANGKOK, 4 September 2012 – PTT President and CEO Pailin Chuchottaworn, has said that although the global oil price is unpredictable; he believes the US will influence the Dubai crude to be maintained at 110 dollars per barrel. 

According to Mr Pailin, 110 dollars per barrel is appropriate for the global economy at present. He said this price would not have any effect on the PTT’s oil stock. Despite its low marketing margin due to the retail oil price control and the 300 baht minimum wage policy, the PTT CEO considers it as assistance to the consumers.

Recently the crude oil price in Dubai has weakened after the US released more fuel in its stock into the market in order to maintain its economic growth.