Diesel price not to exceed 30 THB/liter

BANGKOK, 9 January 2010 (NNT) – Energy Minister MD Wannarat Channukul has expressed his confidence that the domestic diesel price will not go above 30 THB per liter despite the ongoing state of flux in the global oil market.

MD Wannarat stated that the global oil price at present was around 82-83 USD per barrel. The price hike is due to higher demand in the western hemisphere in winter and the decreasing oil reserves.

The minister believed that the diesel price in Thailand should not exceed 30 THB per liter unless the global crude price rose to over 85 USD per barrel.

MD Wannarat said that additional measures were needed to cushion the effects of the spiraling price of oil on consumers. An example of the measures is the reduction of the oil excise tax.