Fuel Prices Edge Up To A New Record High

[george]

Fuel prices edge up to a new record high

BANGKOK: -- Pressed by a sharp decrease in a marketing margin, local oil traders, except PTT Pubic Company Limited, have decided to further raise retail fuel prices by 0.40 baht, effective today.

Shell Corporation (Thailand) Co led the move by announcing the price hike of all categories of fuel yesterday with other oil traders excluding PTT following suit.

To this effect, prices of premium and regular gasoline in Greater Bangkok will make a new high of 27.34 baht and 26.54 baht per liter, respectively. Gasohol and diesel prices will also reach a record level of 25.84 baht and 23.79 baht per liter in a row.

Theerapot Vatcharapai, Chairman of Shell Corporation, said the marketing margin of the fuel stayed very low especially following the Hurricane Katrina devastation in the United States.

The company had experienced a loss of hundreds of million baht and could no longer bear such a huge loss, he said.

Despite the latest oil price hike, one oil trader stated, the marketing margin of gasoline and diesel remained in deficit of 2 baht and 0.20 baht per liter. The margin, if allowed to move by market mechanism, should be in surplus of 1.5 baht per liter for gasoline and 0.90 baht per liter for diesel.

He said other oil traders was now dissatisfied with PTT’s failure to raise the local retail oil prices.

They also viewed PTT had an advantage over other traders, as it could bring profits earned from other businesses such as natural gas distribution to offset a loss from the oil sale.

In the past, PTT usually raised fuel prices a few days after other oil traders increase them.

--TNA 2005-09-09

[Butterfly]

bullshit, they are only losing millions in "unrealized" gains, which is not the same. It's a racket and everybody is in it.

[rick2548]

bullshit, they are only losing millions in "unrealized" gains, which is not the same. It's a racket and everybody is in it.

<{POST_SNAPBACK}>

To import natural oil is a few months procedure, Hurricane disaster came on 29/Aug.

[Jai Dee]

He said other oil traders was now dissatisfied with PTT’s failure to raise the local retail oil prices.

It didn't take long did it?

PTT HAS RAISED ALL OIL PRICES BY 40 SATANG PER LITRE

PTT Public Company Limited has announced that all PTT gas stations has increased the prices all types of petrol products by 40 satang per litre, starting 05:00 hours today (September 10th).

PTT PCL has explained that the company cannot bear the burden of the current oil price situation in the global market, even though the price of crude oil in Dubai has slightly decreased. It is, therefore, necessary for PTT to raise the prices of all oil products once again. Thus, the oil prices in PTT would then be equivalent to other competitors in Thailand.

The prices of oil products in all PTT gas stations in Bangkok and its peripheral areas are as follows.

Benzene 95 rises to 27.34 baht per litre. Benzene 91 increases to 26.54 baht per litre. Gasohol 95 is at 25.84 baht per litre. Finally, diesel climbs up to 23.79 baht per litre.

Source: thaisnews.com ประจำวันเสาร์ที่ 10 กันยายน 2548

Edited September 10, 2005 by Jai Dee

[astral]

Strange.

The oil companies in the US and Europe and making record profits.

Where is it all going in Thailand?

Profits up a healthy 31% despite higher costs - Bangkok Post - 8 Sep 2005