Oil usage may plunge to lowest level in 11 years: OR

[webfact]

Oil usage may plunge to lowest level in 11 years: OR

By THE NATION

 

 

PTT Oil and Retail Business Plc (OR) sees oil consumption in 2020 dropping to the lowest level in 11 years if the Covid-19 pandemic persists, said Boonma Phonthanakornkul, senior executive vice president of oil and retail business.

 

“The price of crude oil in the global market has been falling since the beginning of March and could eventually lead to a stock loss in the overall oil business of OR in the first quarter of this year ,” he said. “Last week, we adjusted down oil retail prices for five consecutive days to reflect real cost, although the marketing cost was still high. OR will continue lower oil prices from our reserves to help individual oil dealers.”

 

Currently, Boonma said, domestic oil usage is dropping as people limit their travel in light of the Covid-19 outbreak . “If the pandemic situation was raised to level 3, it could further cut the country’s oil consumption to the lowest level in 11 years since the Hamburger crisis in 2008-2009.”

 

OR’s oil sales in January and March expanded 1-2 per cent, mainly due to the openings of 155 new gas stations from the end of 2019. “Currently, we have approximately 1,900 ‘PTT Stations’ nationwide,” he said. “However, since no new station has opened since February, oil sales in March could go down”.

 

In an attempt to increase sales, OR will start selling the new benzine and gasohol by the end of this month. “The new formula has a higher level of additives that helps prevent engine corrosion with enhanced cleansing capability. It was the first time we have adjusted the formula in the past 11 year,” he added.

 

Source: https://www.nationthailand.com/news/30384247

 

-- © Copyright The Nation Thailand 2020-03-17

Follow Thaivisa on LINE for breaking Thailand news and visa info

[JimHuaHin]

The question is - if global oil prices have dropped about 30% since the beginning of this year, why has PTT not reduced the price of petrol at its pumps?

[Valentine]

2 minutes ago, JimHuaHin said:

The question is - if global oil prices have dropped about 30% since the beginning of this year, why has PTT not reduced the price of petrol at its pumps?

They have been reducing prices

[legend49]

17 minutes ago, JimHuaHin said:

The question is - if global oil prices have dropped about 30% since the beginning of this year, why has PTT not reduced the price of petrol at its pumps?

GREED!!!

[legend49]

15 minutes ago, Valentine said:

They have been reducing prices

1 Setang reduction, spend it wisely.

[josephbloggs]

23 minutes ago, legend49 said:

1 Setang reduction, spend it wisely.

and

 

Quote

GREEEED!!!!!!

Sigh, another poster who loves to spout about greed when in fact they are utterly wrong.  Just come and shout lies then disappear.  Does it make you feel good?  One satang reducion?

Do you even have a car or buy petrol?  Because you have absolutely no idea what you are talking about.  PTT's retail price for Gasohol 91 (the most commonly used fuel) is almost six baht per litre less than it was in January.  And it is down by over a baht per litre in the last 2-3 days.

So, please come and explain where the GREEEEED is and what this one satang reduction is.  

Moronic, lying rants that have no basis in fact really wind me up.

[KhunBENQ]

2 hours ago, josephbloggs said:

Moronic, lying rants that have no basis in fact really wind me up.

Indeed a lot of uninformed B. S.

No idea whether anyone interested in facts?

https://web1.pttplc.com/en/Media-Center/Oil-Price/Pages/Bangkok-Oil-Price.aspx

 

My fuel (E20), high this year 23.74, today another cut of 0.60 Baht to 18.14.

(higher in the provinces, up to about 0.60 Baht)

Edited March 18, 2020 by KhunBENQ

[bloodyholly]

Prepare for the inevitable.

 

Demand goes down prices go up to compensate for the reduction in revenue 

 

????????????????????????????????????????????????????????????????????????????????

[KhunBENQ]

Another reduction as of today for all non-Diesel fuels.

 

[Grumpy John]

Diesel has dropped in price at Esso where I fill up,  but the dramatic drop has been with benzine.   I am lovin' it! 

[CGW]

1 hour ago, Grumpy John said:

 but the dramatic drop has been with benzine.   I am lovin' it! 

How much do you use? I would rather be paying a lot more and have the world a little more stable, could actually go somewhere then!

How about Carbon futures, are they doing well 

[KhunBENQ]

It becomes boring

Another drop compared to yesterday (incl. Diesel).

E20 now at 16.94 reference price.

When I bought my car in August 2011 it was about 33 Baht.

https://web1.pttplc.com/en/Media-Center/Oil-Price/Pages/Bangkok-Oil-Price.aspx

(-> Page 2)

Edited March 20, 2020 by KhunBENQ

[CGW]

12 minutes ago, KhunBENQ said:

When I bought my car in August 2011 it was about 33 Baht.

Ah, the good old days, when myself friends and colleagues had stable well paid jobs, now I know very few people that are in full time employment, those that are earn a fraction of what they did 10 years ago. Oil companies are no different to pubs, bars and stores, the first thing they do in a downturn is get rid of employees!

 

The price drop at the pump in Thailand must rate as the fastest in the world, there's obviously a substantial time lag between buying a Bbl of crude, transporting and refining it to selling it at the pump, not here! They must have their fingers on the tax status here - surprising! 

[KhunBENQ]

2 minutes ago, CGW said:

Ah, the good old days, when myself friends and colleagues had stable well paid jobs,

This era ended for me in 2005.

Bridging time with a job at 2/3 payment until ready to takeoff.

[30la]

Reduced fuel consumption = fewer road deaths, the PM will be able to say it is his merit ...