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Published on March 4, 2008

The Organisation of Petroleum Exporting Countries will convene tomorrow. If it resolves to raise output, global prices could decline, said PTT president Prasert Bunsumpun.

Amid negative marketing margins, the company had previously planned to review retail prices yesterday.

"Whether diesel will rise above Bt30 a litre depends on the world price. However, the public should remember that oil prices can move up or down.

High prices, as well as the US economic slowdown, can pull down

worldwide consumption. Absorbing the impact is also the stronger baht.

What we need to do now is raise energy efficiency," he said.

Dubai crude oil is now US$94.58 (Bt3,000) per barrel, while refined petrol is $110.84 and diesel $118.23.

Energy Minister Poonpirom Liptapanlop said she was prepared to speak with agencies, in-cluding PTT, about determining measures to soften the effects of high prices. She said her ministry could implement policies through the Oil Fund or extend assistance to particular groups, such as the fisheries, agriculture and transportation sectors.

The ministry is also reviewing all energy-sav-ing measures started by the previous government, and the most appropriate ones will be tabled at next week's National Ener-gy Policy Committee meeting. Poonpirom said the measures could be exercised in conjunction with the campaign for alternative-fuel consumption.

The Nation