Decreases in crude oil prices should lower local oil prices after their rise by 4-6.80 baht per liter over the past two weeks.
This morning, local oil prices rose by 0.40-2.00 baht per liter. PTT and Bangchak did not raise their diesel price to support the government’s policy to cap it at 30 baht per liter. Meanwhile, other suppliers raised the prices of all oil products. For example, Shell increased its diesel price by 0.50 baht per liter.
Local petrol prices rose by 2.00 baht per liter according to soaring prices in Singapore yesterday.
Since the Russian invasion of Ukraine, retail oil prices in Thailand have changed eight rounds. Since Feb 23, Shell has raised its diesel price by 4.40 baht per liter altogether to 34.24 baht per liter today. Petrol prices have gone up by 6.80 baht per liter. Meanwhile, Bangchak and PTT have increased their diesel prices by 1.40 baht per liter and petrol prices by 4.00 baht per liter.
However, the crude oil price plunged yesterday (March 9) and was likely to result in a decline of oil prices in Thailand. The expectation was based on the report that the United Arab Emirates would increase its oil output to relieve shortages caused by countries’ sanctions against Russia.
The price of the WTI crude oil futures for delivery in April dropped by US$15 or 12.1% to US$108.70 per barrel and the price of the Brent crude futures for delivery in May fell by US$16.84 or 13.2% to US$111.14 a barrel. (TNA)
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