Global crude price is expected to move into a downward trend after both Organisation of Petroleum Exporting Countries (Opec) and non-Opec crude producers announced production quota increases, according to PTT Plc's chief executive officer and president Tevin Vongvanich.
“There are several indicators for crude prices to change direction from an upward to downward trend," he said.
Meanwhile, the global political situation and speculations in the futures markets could lead to short-term fluctuations and must be monitored, he said.
PTT may revise its forecast for this year's crude price from US$55 per barrel to $60-$65 per barrel as it has risen higher than the company's earlier estimate.
The company is also considering cutting its retail oil prices following drops in Dubai crude price. Every US$1 decrease in Dubai crude price will affect PTT's retail oil price by Bt0.24 per litre.
Effective on May 26, PTT has reduced its retail prices of both gasoline and diesel by Bt0.50 per litre to reflect the drops in crude price.