BANGKOK, 24 June 2011 – Domestic oil refinery and retailer Bangchak Petroleum Plc believes that the refining cost will recover in the fourth quarter of 2011 after sliding to 5.50 US dollars per barrel in the third quarter.
Bangchak President Dr Anusorn Sangnimnuan said the company’s turnover in the third quarter was in a satisfactory level while its profit had decreased due to the lower refining cost.
The cost stood at 5.50 US dollars per barrel, dwindling from 9 US dollars per barrel in the first quarter and 5.80 US dollars per barrel in the second quarter of this year.
Nevertheless, the Bangchak president expected that the refining cost in the fourth quarter would climb up to be close to the level in the first quarter as a consequence of higher demand for diesel in the global market.
Moreover, Dr Anusorn indicated that the company would be able to seek profits from the oil price hike now hovering around 100 US dollars per barrel as the fuel cost in the futures market was only at 90 US dollars per barrel.