Oil Price: More Increases Expected

[george]

OIL PRICE: More increases expected

BANGKOK: -- As oil prices continue to rise, the Thai government is looking at the possibility of raising diesel-oil prices by Bt0.30 per litre, the announcement of which may take place simultaneously with another round of hikes in petrol prices.

Sources close to Energy Minister Prommin Lertsuridej said there were several options for oil-price adjustments.

The government may go ahead with an adjustment to petrol prices this week or wait to announce it with the adjustment of the diesel-oil prices, they said.

In New York on Thursday June light, sweet crude-oil futures settled at US$41.08 (Bt1,680) a barrel, the highest ever front-month floor-session close in the 21-year history of crude futures trading on the New York Mercantile Exchange.

Prommin yesterday told reporters: "We will adjust the ceiling if it is deemed necessary . . . However, we're not going to make any move within this week."

The Nation reported earlier that the government was planning to adjust the oil-price ceiling by Bt0.60 a litre yesterday or today after crude futures in New York closed at an all-time high on Wednesday.

On May 7 the government raised petrol prices by Bt0.60 a litre, the first hike since January 10, when the government capped diesel and petrol prices. The ceiling for premium petrol in Thailand is now Bt17.59 a litre, while regular petrol is capped at Bt16.79 a litre.

The price of diesel was left unchanged at Bt14.59 a litre in a bid to limit the impact on the economy as this fuel is widely used to transport goods.

But sources said there was growing pressure for the diesel-oil price to rise and the government might adjust it by Bt0.30 a litre from the present capped price of Bt14.59.

Meanwhile Prime Minister Thaksin Shinawatra yesterday revised down his forecast for gross-domestic-product growth this year to around 7 per cent from 8 per cent in view of rising oil prices.

But the increase in global oil prices will not cause inflation to rise sharply, Thaksin said.

--The Nation 2004-05-14

[thaimee]

If A-m-e-r-i-c-a had purposely set an unprecedented agenda to thoughtfully limit the number of SVU's/ Car's per household since the Eighties, then all other Genuine Nations outside the Stench of the States wouldn't be seeing these hikes in the price of Crude Oil, correct?

I blame them W-A-S-P-S, why not, and while i'm at it Bush Dubya and Cronies!

Thaimee. [bLAME THE STATES]

[thaimee]

The last post by Thaimee was probably a little harsh,

I forgot to mention the Saudi Arabian businessmen,

but then how did America not know of this event coming?

Thaimee. [strange Event's Indeed]

[marquess]

One of the reasons why Oil, is a little more expensive here in Thailand, is due to the artificial weakness of the Baht. Trading restrictions in the latter for the last 12 months or so have kept it between 39.5-40.5. When it should have been around 36-37. Of course it it is all to "boost exports"

[sonthaya]

17,59 Bath a liter, big deal here in Denmark it's now at 60 Bath a liter, I realize that we make more money here, but not that much more after a 50% incometax.

[maerim]

17,59 Bath a liter, big deal here in Denmark it's now at 60 Bath a liter,

Do you store your excess diesel in the bath then?

[astral]

17,59 Bath a liter, big deal here in Denmark it's now at 60 Bath a liter, I realize that we make more money here, but not that much more after a 50% incometax.

Sure, but the Europeans earn much more money.

It is the Yanks who are squandering the oil,

as a recent article stated they only pay 20baht a litre, which is why

they can still afford to drive gas guzzlers.

I am sure glad I traded my petrol card for a diesil.

Cheaper and more economic as well!!

Edited May 27, 2004 by astral