Oil prices to be cut sharply midnight



BANGKOK: -- Oil prices is expected to go down from 1-3.89 baht per litre beginning midnight tonight after the National Energy Policy Committee met today to cut excise taxes collected from oil.

The meeting is chaired by National Council for Peace and Order deputy chief overseeing economic affairs Air Chief Marshal Prajin Juntong.

The committee considered the cut following the declining global oil prices.

It is expected that Gasoline 95 will be reduced by 3.89 baht, Gasohol 95 by 2.12 baht, Gasohol 91 by 1.86 baht, E20 by 1.00 baht. But for diesel, the price will rise by 0.14 baht.

The Department of Energy Business has offered its officials to check oil stocks at all patrol stations and has ordered petrol stations across the country to lower oil prices beginning midnight.

Source: http://englishnews.thaipbs.or.th/oil-prices-cut-sharply-midnight/

-- Thai PBS 2014-08-28

Wow. Now that brings some happiness

I'll believe it when I see Shell drop its prices. Gasohol 95 has been extortionate for the last 2 years, and I don't see the big players abiding by this instruction whatsoever.

Wow. Now that brings some happiness

Except for diesel users,but at least its not going up.

regards worgeordie

E85 dropping?

Wow. Now that brings some happiness

Except for diesel users,but at least its not going up.

regards worgeordie

Did you miss that diesel will go up by 14 satang ?

Except for diesel users,but at least its not going up.

Almost

But for diesel, the price will rise by 0.14 baht.

And I guess this is just a "soft opening" or where should the money for the subsidy come from?

I'll believe it when I see Shell drop its prices. Gasohol 95 has been extortionate for the last 2 years, and I don't see the big players abiding by this instruction whatsoever.

Bet they will. Absolutely unthinkable that they will not.

Populist policy?? I thought the Junta was cracking down on these.

Wow. Now that brings some happiness

Except for diesel users,but at least its not going up.

regards worgeordie

Did you miss that diesel will go up by 14 satang ?

I think he meant it is not going up that much.

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

Populist policy?? I thought the Junta was cracking down on these.

Global declining oil prices, do you mean Global populist policy ??? or another anti army wise crack that went wrong.

E85 dropping?

I think if E20 is only dropping by 1 baht, then E85 will be very minimal. Maybe .20?

I'll believe it when I see Shell drop its prices. Gasohol 95 has been extortionate for the last 2 years, and I don't see the big players abiding by this instruction whatsoever.

Bet they will. Absolutely unthinkable that they will not.

There's a Shell by my house that seems to do as they please. They always raise the price of Gasohol 2-3 days before it is announced that it go will up, and when it is announced that the price will go down, they also wait 2-3 days before reducing the price.

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

PTT will retain the same profit margin even after dropping the prices. It's the government who is reducing excises taxes.

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case.

Sorry but you are boring. All over TV.

+ 1

The last line is the key. This govt and the previous one indicated the mega-subsidy on diesel has to go. It has begun.

Expect little drip - drip price rises due to subsidy removal / excise tax increase (same thing effectively ) on diesel every few months, probably buried under other news each time.

Wow. Now that brings some happiness

Not really ...I am on diesel.

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

If you read the OP you would know the price reduction is through a reduction of excise tax, nothing to do with PTP's profit margin.

Sweet! Thanks Junta

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

If you read the OP you would know the price reduction is through a reduction of excise tax, nothing to do with PTP's profit margin.

So true. A lot of forum babble without the slightest background knowledge about the subsidy system that exist(ed) here.

Diesel is still subsidised and I wonder where the money now should come from?

The junta throws around with the billions of Baht as if there is no tommorow.

Hope they have a plan.

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

If you read the OP you would know the price reduction is through a reduction of excise tax, nothing to do with PTP's profit margin.

So true. A lot of forum babble without the slightest background knowledge about the subsidy system that exist(ed) here.

Diesel is still subsidised and I wonder where the money now should come from?

The junta throws around with the billions of Baht as if there is no tommorow.

Hope they have a plan.

What is rarely mentioned is that the fuel subsidy is much higher on a yearly basis than the rice subsidy ever was. The cut in excise tax will increase this amount even higher.

http://www.iisd.org/gsi/citizens-guide-energy-subsidies-thailand

Rarely mentioned because these subsidies impact the rich much more than the poor:

However, evidence shows that energy subsidies have unintended consequences for the economy, the environment and social equity. They strain public finances, encourage over-consumption, and benefit wealthier citizens far more than the poor.

I'll believe it when I see Shell drop its prices. Gasohol 95 has been extortionate for the last 2 years, and I don't see the big players abiding by this instruction whatsoever.

Bet they will. Absolutely unthinkable that they will not.

There's a Shell by my house that seems to do as they please. They always raise the price of Gasohol 2-3 days before it is announced that it go will up, and when it is announced that the price will go down, they also wait 2-3 days before reducing the price.

That's because they already paid the higher price for the fuel in their tanks.

SHELL always seems to have lots of problems. It happened twice to me now that the pump was not reset to zero before they started pumping. And when I complained with Shell customer service I got a lame excuse.

I avoid Shell as much as I can while spending over 10.000 on gasoline a month

Populist policy?? I thought the Junta was cracking down on these.

Nothing to do with populism in this case. just telling PTT to charge less because they are already make a lot of profit.

Sorry but you are boring. All over TV.

Are you referring to the appx. 3% profit margin PTT has? I think you will find few companies with a profit margin as low as that of PTT. According to the SET they had a turnover of 2,883 billion baht in 2013, and a profit of 94 billion = 3.3% profit. Guess who I think is boring, people like you who do not know what you talk about

Darn, I got a diesel!

Seems a bit unfair to only give a few hours warning if the Gas stations are privately owned or are they all owned by the oil companies which is what I suspect.

Bangchak set to reduce pump prices to return happiness to people

BANGKOK, 28 August 2014 (NNT) - Domestic oil retailer Bangchak confirmed that it is mulling the decision to reduce pump prices in accordance with the National Council for Peace and Order (NCPO)’s policy to return happiness to the people.

Bangchak executives admitted that the Department of Energy Business has instructed the retailer to consider a cut in pump prices. The oil refinery is checking its nationwide inventory before issuing an official announcement of its decision.

The retailer said the new prices would be similar to those listed in local social media sites. According to reports, prices of benzene 95, gasohol 95, gasohol 91 and gasohol E20 will be adjusted down by 3.89, 2.12, 1.86 and 1 baht respectively. Diesel price will meanwhile be adjusted up by 0.14 baht.

The announcement followed Wednesday’s meeting between energy reform advocates and energy company executives at the Army Club.


-- NNT 2014-08-28

so diesel will now quietly cross the psychological barrier of 30 baht per liter and we can expect further increases

Seems a bit unfair to only give a few hours warning if the Gas stations are privately owned or are they all owned by the oil companies which is what I suspect.

My Thai friends told me about the decreases yesterday .... the petrol stations have had very few customers as of yesterday evening.