Oil products prices slashed 40-60 satang

 After the cut, octane-91 petrol will be priced at Bt16.69 per litre while high-speed diesel B5 will be Bt18.94.

 On Thursday, Dubai crude oil slid to US$41.84 per barrel, while refined petrol was traded at $39.07 per barrel in Singapore and diesel at $58.36. The continued decline in oil prices followed lower oil demand, in line with the global economic slowdown particularly in the US and Europe. In November, 250,000 jobs were laid off in the US, the highest in 7 years. Europe is expected to suffer from recession in the fourth quarter of this year and many leading corporations have shed workforce.

 Yet, the Organisation of Petroleum Exporting Countries, at the Dec 17 meeting in Algeria, may decide to cut daily crude oil production by 1.5 million barrels. This may raise crude oil prices.