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Global diesel price at 9-month peak

Finished diesel price in Singapore on Tuesday skyrocketed to US$85.86, the highest in 9 months, due to fears that South Korea could lower diesel exports due to refinery shutdown against rising demand in the region.

Adding up to the worries are the reduction in reported reserves of Singapore by 390,000 barrels to 7.56 million barrels, said Chaiwat Chooritti, senior executive vice president of PTT, who attributed the fact to the increase in domestic retail diesel price tomorrow.

Retail diesel price would be raised 40 satang per litre tomorrow to Bt25.74 per litre.

"We have tried to maintain the retail diesel price as long as possible as diesel is demanded by all business sectors. But the world price increase pushes down the marketing margin to 50 satang per litre. Thus, we need to raise the retail price," Chaiwat said.

He also noted that world oil prices need to be closely monitored due to violence in Nigeria as well as conflicts over oil rationing in Iran. Moreover, the market is also concerned with the tight reserves in the US following the shutdown of several flooded refineries.

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Global diesel price at 9-month peak

Finished diesel price in Singapore on Tuesday skyrocketed to US$85.86, the highest in 9 months, due to fears that South Korea could lower diesel exports due to refinery shutdown against rising demand in the region.

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