Oil retailers will cut the prices of all fuel products, except gasohol E85, by 40 satang per litre on May 13, thanks to the appreciation on US dollar against the euro.
Witthaya Wangchittrarak, an executive of PTT - the largest retailer, said as dollar strengthened to 1.2648 per euro on fears of spreading debt crisis while US oil inventory increased as of May 7, crude oil prices have fallen. Today, Dubai crude oil is quoted at US$79.26 per barrel.
Refined oil prices in Singapore showed a drop in price, due to lower demand in the region as well as lower export opportunities to the US. Refined 95-octane petrol in Singapore stands at $85.86 per barrel while diesel at $90.10.
China's National Bureau of Statistic also reported the higher output of petrol and gas oil, at 5.5 per cent and 18.8 per cent, respectively, from the same period last year.
Earlier this week, petrol products prices were cut 80 satang per litre.
Following the cut, gasohol 91 in Bangkok will be retailed at Bt31.14 per litre while diesel will fall to Bt29.49.