Motorists flocked to gas stations to refuel their vehicles as petrol prices were cut sharply by three baht per liter today while global crude prices were rising again.
The reduction in local oil prices was the biggest in history. Motorists said they were delighted with the big decline and thus had to top up their tanks right away amid the reports that the prices of global crude oil were picking up and could later affect local fuel prices.
Oil retailers said that the prices of refined oil in Singapore continued to fall yesterday according to the previous decline of crude oil prices.
Oil retailers said that they were ready to adjust their prices accordingly but the local prices would depend on the government’s management of its Oil Fuel Fund. If the government raised contributions to the fund from petrol sales, petrol prices might not be reduced, they said.
Meanwhile, Thaioil Group said that West Texas and Brent crude oil prices rose because Russia suspended oil supplies through the Caspian Pipeline Consortium (CPC) from Kazakhstan via the Black Sea to southern Russia due to leakage. The incident raised global concerns about the possibility of tight oil supplies. (TNA)
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