Retail oil prices rise

 PTT Executive Vice President Withaya Wangchitrarak said in a statement that oil prices have been moved up since last week because of balance sheet improvements of some US and European financial institutions, the US Federal Reserve Board's readiness to increase liquidity, and the higher new home registration in the US. Moreover, several refineries in Europe and Asia would be shut down for maintenance in March and April, due to low refining margins.

 As supply is to fall and demand is to rise, Dubai crude oil on Wednesday rose US$2.35 per barrel to $43.75. Refined petrol jumped $6.30 to $53.30 while refined diesel advanced $3.53 to $49.32.

 Withaya also noted that as the spring approaches in Europe and the US which will result in more travelling, oil demand could rise. Another factor which could affect the oil prices is the Organisation of Petroleum Exporting Countries' decision on future supply.

 After the increase, gasohol 91 at Bangkok stations would be Bt22.64 per litre while diesel is Bt21.09.