Thai Asean News Network

Fuel sellers within the country signaled an increase in prices in 1-2 days, after the market margin has dropped to a very low level.



The Bangchak Petroleum president Anusorn Saengnimnuan stated that the price of crude oil in the world market has been surging continuously, and admits that Bangchak Petroleum may have to increase domestic retail prices for the petrol within 1-2 days. He also stated that the current market margin has dropped to merely 66-70 satang per litre.

Anosorn said he plans to speculate the reactions from other sellers, and to look into the direction of world market prices before making final decision.

Further, Bangchak Petroleum President predicts that the amount of oil consumed in the country this year will grow by 4-5%, and the 2nd half of the year may see a recession of oil consumption in line with oil prices that will increase in the 3rd and 4th quarter. The tendency in the cost of the company's oil distillation may drop in the 2nd half of the year to about 8 dollars per barrel, a decrease from the 1st half of the year, when costs were higher than 10 dollars per barrel.

As for the shifts in recent world oil prices, contracts on benzene in the New York market went up 42 cents to end at 63.98 dollars per barrel. These prices were caused by the leading economic index in the United States during the month of June, which surged 0.7% rather than the expected 0.4%. This has been its 3rd consecutive month of rise, allowing better-than-expected numbers from the turnover of various companies in the United States. This has helped to ease concerns about economic revival in the United States this year.

Source: http://www.thailandoutlook.tv/toc/ViewData.aspx?DataID=1016421