PTT and Shell cut fuel prices by 0.40 Baht per litre

Thailand's two leading oil traders, PTT Public Company Limited and Shell Corporation, decide to cut their prices of fuel of all categories by 0.40 Baht per liter, effective from February 3.

With the new move, the retail prices of premium gasoline and regular gasoline of the two oil traders in Bangkok and its surrounding provinces will be 26.84 Baht and 26.04 Baht per liter respectively as of 05:00 a.m. Friday.

The price of gasohol will be 25.34 Baht per liter, while that of diesel will be 24.29 Baht per liter.

Other local oil traders are expected to follow suit.

PTT's Vice President for Oil Business Group Chaivat Churitti said Thursday that the company's reduced oil costs on average over the past days enabled the new price cut although global oil prices have still fluctuated, with the prices of crude oil in Dubai and premium gasoline in Singapore now surging to US$61.0 and US$67.37 per barrel respectively; while the price of diesel in Singapore lowering to US$67.39.

He cautioned, however, that risk factors still exist and need to be closely monitored, as they could become a new pressure for further oil price hike on the world market.

They include a dispute between western nations and Iran over the latter's recent decision to resume its nuclear research project and a lingering unrest in Nigeria caused by a recent hostage taking of Shell corporation's staff.

PTT's President Prasert Bunsumpun projected, however, that the retail prices of gasoline and diesel on the domestic market this year would move between 25-27 Baht and 23-25 Baht per barrel, respectively, while the price of crude oil on the world market would be around US$60 per barrel on average unless there is any serious external factor, such as a sanction against Iran by the western nations.