Retail Oil Prices in Thailand Expected to Decline further

BANGKOK, August 23 (TNA) - Energy expert Manoon Siriwan, a member of National Reform Council, believes that retail oil prices in Thailand would decline further after global oil prices retreated. Mr. Manoon made his comments after benzene oil prices in Thailand dropped 50 stang per litre on Saturday. Crude oil prices in the global market continue declining while local market margin is between 1.80 – 2.00 baht per litre, therefore, there are chances that retail oil prices in Thailand would decline further, said Mr. Manoon. The West Texas crude oil price is projected to drop to approximately 37 – 38 US dollars per barrel while its price could decline to 30 US dollars per barrel in long-term, he said. The oil market is closely monitoring whether how much oil could Iran export after international sanctions against that country in exchange for putting restrictions on its controversial nuclear programme are ended and whether Saudi Arabia would cut its crude production, said Mr. Manoon. If Saudi Arabia does not cut production, crude oil prices may drop much more than an earlier projections while consumption remains unchanged due to sluggish global economy, he said. It is the responsibility of Thailand’s new Energy Minister General Anantaporn Kanjanarat to decide what measures should be taken in order to promote consumption of ethanol at the same time, said Mr. Manoon. Meanwhile, Thawarat Sutabutr, director-general of Energy Ministry’s Energy Policy and Planning Office, said what he feared most is that the general public would forget to help conserve energy if oil prices in Thailand dropped further. (TNA)