Thai Oil: Retail oil prices may be adjusted this week


BANGKOK, 6 August 2012  – Thaioil Public Company Limited( PTT) has warned that local retail oil prices may be adjusted upward this week, after the global oil price shot up 3-4 US dollars per barrel on Friday. 

The PTT reported that the crude oil price for delivery in September at West Texas Intermediate (WTI) increased by 4.27 dollars, hovering at 91.40 dollars per barrel; while the price in Brent rose 3.04 dollars to 108.94 dollars per barrel.

The energy giant also predicted the Brent oil price movement this week to be around 102 -112 dollars per barrel, while the price at West Texas should be 85 – 95 dollars per barrel.

The PTT expects domestic benzene retail prices to go up this week.

Meanwhile, Energy Minister Arak Chonlatanon said the government will continue to keep the diesel price under 30 baht per liter. He explained that it will use the Oil Fund reserve to help maintain the diesel price, reasoning that when it is above 30 baht, manufacturers will be forced to adjust their product and service prices upward.