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Pattaya Daily News

01 July 2006 :: 15:07:04 pm 23193

Rising global oil prices

An explosion of US oil pipeline and concerns over a hurricane which may hit that country, plus a ‘zero marketing margin‘ for major local oil dealers, PTT Public Company Limited (PTT) said Saturday these may push domestic fuel prices up again next week.
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Those external issues have caused a panic to the local market, but they should not last long as it was hoped that world oil prices would decline after the issues have settled down, said Chaivat Churitti, PTT‘s Senior Executive Vice President for Oil Business Group.

Global oil prices rose sharply Friday with gasoline prices on the Singapore market closing higher by US$2.45 a barrel to US$86.74, while diesel prices ended higher by US$1.20 to close at nearly US$86 a barrel.

PTT will raise its gasoline and gasohol prices from Sunday (July 2) on par with those of other local oil traders which raised their prices last Friday–to Bt29.79, Bt28.99 and Bt28.29 per litre for premium and regular gasoline, as well as gasohol respectively in Bangkok and surrounding provinces.

But PTT‘s marketing margin for gasoline is nil, compared to the appropriate marketing margin of about Bt1.50 per litre, said Mr. Chaivat.

The retail price for diesel remains unchanged at Bt27.54 per litre because PTT still earns about Bt0.70 per litre in marketing margin.

Reiterating that PTT would not lead the way in raising local oil prices, Mr. Chaivat urged the public to help reduce oil consumption and hinted that soaring global oil prices may force retail fuel prices on the domestic market to further go up next week if it is unavoidable

Reporter : PDN staff   Photo : PDN staff   Category : Business News

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