Retail oil prices further cut on Thurs

PTT and Shell Co of Thailand announced on Wednesday that they are slashing the retail prices of all types of fuel on the next day by 40 satang per litre, due to the expectation that the US economic slowdown would reduce oil consumption.

On Thursday, premium petrol would be in Bangkok would be priced at Bt32.49, gasohol 95 at Bt28.49, and diesel at Bt28.94.

This is the third cut in seven days, which results in the combined reduction of Bt1.20 per litre for petrol and 80 satang for diesel.

Chaiwat Chooritti, senior executive vice president of PTT, said that while oil demand in the US is expected to drop, hedge funds have also unloaded their contracts. As a result, refined petrol price in Singapore dropped US$3.01 per barrel on Tuesday to $93.92 while refined diesel down $3.53 to $99.52.

- The Nation

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Retail oil prices further cut on Thurs

PTT and Shell Co of Thailand announced on Wednesday that they are slashing the retail prices of all types of fuel on the next day by 40 satang per litre, due to the expectation that the US economic slowdown would reduce oil consumption.

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