Falling retail oil prices in Thailand

BANGKOK, January 13 (TNA) - The management of PTT Public Company Limited (PTT), Thailand's largest petroleum firm, foresees falling retail oil prices on the domestic market in line with global oil prices, resulting in a high marketing margin. Regarding the lowest global crude oil prices in 12 years currently, Sarun Rungkasiri, PTT’s chief operating officer for downstream petroleum products, admitted on Wednesday that the marketing margin has increased and PTT will, thus, further cut its retail oil prices on the domestic market over the next few days. Sarun warned, however, that consumers should be advised to save energy, as the falling retail oil prices have raised domestic consumption and caused Thailand to import more oil. According to the PTT executive, marketing margins currently stand at 2.3664 baht a liter for diesel, 2.0661 baht a liter for gasohol (95 octane), 1.7231 baht a liter for E20 gasohol (95 octane) and 3.8832 baht a liter for E85 petrol. Thai Oil Group, meanwhile, reported that global crude oil prices have been falling over the past week amid China's economic slowdown and buyers' postponement of their new oil purchases for anticipated further lower crude oil prices in the future. The Thai Oil Group report indicated that another factor influencing the global crude oil prices is Iraq’s recent announcement to export 3.63 million barrels of crude oil daily from February 2016 onward, its biggest crude export since November 2015. Many analysts have predicted that the global crude oil prices could even fall to 10-20 US dollars per barrel in the coming months.(TNA)