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| PTT: Further Oil Price Cuts Possible This Week |
| UPDATE : 26 November 2008 |
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Thailand's petroleum giant plans to make another oil price cut this week, after crude oil prices have continued to slip. The company's president insists Benzene 95 will not be redistributed despite having high market margin.
PTT President Prasert Bunsumpun noted that the crude oil prices have continually dropped in overseas markets, particularly in Dubai where the price is staying below 40 U.S. dollars a barrel.
As a result, Prasert said the market margin for oil has increased to between 2 and 3 baht; however, the company must consider the crude oil price movement again this week before lowering its retail petroleum prices.
He also repeated that the PTT will not distribute benzene 95 again although there is a strong demand for the product among drivers and the company could enjoy earning a high market margin from it. The consumption of gasohol 95 and 91, as well as E-20 and E-85 fuels will be promoted, as the company has invested in the construction of an ethanol plant for producing alternative energies.
On Tuesday, Nymex January crude oil futures plunged 3.73 U.S. dollars or 6.84 percent to close at 50.77 U.S. dollars a barrel, due to declining energy demand and the American economy shrinking more than previously estimated in the third quarter.
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