Yesterday was a seminal event for the world.    The price of a barrel of oil actually went to minus zero due to oversupply and lack of storage  facilities.      How will this effect the price at the petrol station and what do you think it means for the oil industry in general.

Remember getting on for 20 years ago diesel B7 was 14 bht per ltr today B10 diesel about 16 per ltr.

My guess is it won't get any cheaper. 

15 minutes ago, Kwasaki said:

My guess is it won't get any cheaper. 

With the falling raw product prices the ratio of tax/fund contribution to the wholesale price has risen sharply. So if they don't lower taxes/fund the price can not sink too much.

Extreme example:

pure petrol/benzene (the best stuff), price ex refinery 5.5067 Baht, price at the pump 24.96 Baht!

The highly promoted bio stuff (ethanol, palm oil) does not come down as far as I know.

 

Other extreme:

E85, ex refinery 18.836675 Baht, price at the pump 15.34 Baht!

 

http://www.eppo.go.th/index.php/th/petroleum/price/structure-oil-price

Im getting 3 weeks to the gallon

5 minutes ago, ChipButty said:

Im getting 3 weeks to the gallon

 

We add petrol so rarely the wife couldn't even tell me what the cost is.

Why aren't they giving it away already?

On 4/21/2020 at 10:45 AM, Kwasaki said:

Remember getting on for 20 years ago diesel B7 was 14 bht per ltr today B10 diesel about 16 per ltr.

My guess is it won't get any cheaper. 

Funny how it goes up in price immediately oil goes UP.

This negative price was for WTI crude only.

 

Thailand imports Brent, whose price is low, below 20 dollars yesterday, but not negative.

 

Then there are plenty of extra costs and taxes coming on top...so it's doubtful that the price will go below 15 baht (E20) at the pump.

 

I filled up yesterday and the price was down from 25.6 / litre to 15.5 / litre

Actually the price for oil was -20$ a barrol few days ago , that means they had to pay the people normally buying it 20 dollars a barrol to take it of their hands because there is a quota on how much they can have . So they needed to get rid of it before they could pump up new . Look it up this is not a lie .

I filled up yesterday - 40 baht

My suzuki step. 

Used to cost me 50 baht.

 

I can only get about 120 baht in my big bike. Filled it up months ago.

39 minutes ago, Nanaplaza666 said:

Actually the price for oil was -20$ a barrol few days ago , 

That is only for the very specific WTI (West Texas Intermediate) and has no effect here where we depend on the price of Brent Crude Oil, which is low but not negative.

Example of taxes on fuel in California US. Yes I know weren’t in US

just showing what taxes add to fuel

3 days ago I fuelled up the Mitzu Attrage and the tank was low showing only 30 km left on the fuel gauge . Gave my lady 1000 baht to fill cos normally 850 to 900 baht but this time was 650 baht which left me puzzled until a pal told me about the drop in fuel prices . 

Despite the oil production cuts it has made no difference to the demand , so a while yet for cheap gas .

 

While what we pay at the pump for petrol at a reduced price is welcomed, overall it  has a seriously negative impact on the health of the economy.    That's what has me concerned.

 

It impacts far  more  than oil industry workers.

21 hours ago, Guderian said:

Why aren't they giving it away already?

 

That might be a problem at the petrol station but if you showed up at a refinery I suspect you could load up a barrel  or two in your SUV.

23 hours ago, Guderian said:

Why aren't they giving it away already?

Because the petrol stocks retailing now weren't refined from -$0 per barrel oil!