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 In Bangkok, gasohol 95 will retail at Bt28.94 per litre, gasohol 91 at Bt28.14 and diesel B5 at Bt23.69.

 Largest oil retailer PTT said in a statement that the cut followed the drop in global oil prices. Dubai crude oil on Thursday was down to US$62.48 per barrel, while refined petrol at $69.57 and refined diesel at $67.92.

 Oil prices could weaken further as the Energy Information Administration revised down the US energy demand by 10,000 barrels a day to 18.85 million. Moreover, Japan's bankruptcies in June also rose 18 per cent from the previous month, while G8 leaders showed concerns on further weakening in global economy. The US unemployment rate is also expected to rise to 10 per cent within 1-2 months.

The Oil Fund on Wednesday raised the contribution from retail oil sales by 40-60 satang per litre. If the contribution rates had been maintained, the retail oil price cuts could have been higher.