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| Pump Prices to Drop Tomorrow |
| UPDATE : 8 February 2010 |
Retail pump prices are likely to fall in the next few days in the same direction as the global oil price that declined to 71 dollars a barrel due to concerns over economic recovery in the United States and European countries.
Energy expert Manoon Siriwan said it is highly possible for local petroleum distributors to reduce retail pump prices this week after the NYMEX crude oil future contracts for March delivery went down by 1.95 dollars to 71.19 dollars a barrel on Friday.
The contracts dropped below 70 dollars a barrel during trade.
Pump prices for diesel were comfirmed to go down by 50 stang a liter and gasohol 91 by 70 satang per liter tomorrow.
Concerns over rising debt problems in Greece, Spain, and Portugal have caused the Euro to depreciate against the greenback for the fourth consecutive week, while the US non-farm payroll employment figure for January, which saw a decline by 20,000 jobs, was against market expectation, triggering fears the US economy might recover at a slower pace.
The energy expert said the global oil price will continue to fluctuate in the short run as investors sold off commodity contracts, including petroleum and gold, with the uncertainty surrounding the US and European economies.
He estimated that the crude oil price will decline to the level of 70 dollars a barrel.
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