Another oil price cut due on Wed
Oil retailers will on Wednesday further cut petrol and gasohol prices by 80 and 60 satang per litre, respectively.
PTT President and CEO Prasert Bunsumpun attributed the cut to the continued declined in global oil prices. Dubai as of October 28 stood at US$56.42 a barrel, while the refined petrol price in Singapore was at $64.17.
While octane-91 petrol price would fall 80 satang on Wednesday to Bt28.59 per litre, the prices of all gasohol products will retreat 60 satang per litre. So far this month, oil prices have been cut 11 times. Since July, they were slashed 31 times for a combined amount of Bt15.90 per litre for petrol products and Bt20.80 for diesel.
"Global oil prices still vary on economic and political conditions. The oil-exporting countries may discuss a possible output cut at the next meeting (December 17), if the downward trend continues. Meanwhile, cool weather could also spark another increase in oil prices. All are still advised to reduce consumption," Prasert said.
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