Bangchak not to increase oil prices for now

BANGKOK, 18 March 2010 (NNT) – The Bangchak Petroleum Plc has announced not to raise its retail oil prices at present despite crude oil price hikes in the Singapore market.

Bangchak Petroleum President Dr Anusorn Sangnimnuan said the company would maintain its oil prices if the crude oil price in Singapore increased by 1-2 USD per barrel, noting that Bangchak would still be able to handle a dip in the marketing margin at 1.30 THB.

Regarding the overall situation of oil prices in Thailand, Dr Anusorn viewed that the prices might increase within 1-2 days since the global crude oil price had been rising continuously. The current NYMEX price stood at 81.82 USD per barrel.

The president added that domestic diesel was likely to be sold at 30 THB a liter if crude price rose to 85 USD per barrel. Diesel product price stood at 29.17 THB per liter at present.

Dr Anusorn remarked that the increase in crude oil price mainly resulted from the current economic recovery which brought about higher demand.