Moody’s Investors Service has changed the local currency issuer rating for PTT Plc from A2 stable to A3 negative while the foreign currency issuer rating is kept at A3 with negative outlook in accord with the negative creditbility earlier given to Thailand.

Earlier in May, Moody’s announced the creditworthiness evaluation for Thailand to be at Baa1 with a negative outlook due to the recent political unrest in Bangkok. However, other types of credibility have been kept at the same level as the political pandemonium has not posed any threat to the overall credit.

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On Thursday, Deputy Finance Minister Man Pattanothai stated that a proposal for a price decrease of 2 THB per liter on all types of fuels would be presented during the EPPO meeting next Monday. He suggested that the Oil Fund contribution, the fuel levy and the fuel excise tax be cut to allow for the oil price reduction.

However, MD Wannarat responded that such price adjustment had not been included in the meeting’s agenda and would not yet be discussed. He also voiced opposition to the plan to slash the contribution towards the Oil Fund, adding that a deduction from the oil excise tax would be a more reasonable option.

The Energy Minister explained that at present the Oil Fund was already collecting little amounts from oil sales; therefore, any further cut could affect its stability. He pointed out that the reserved budget in the Oil Fund should stand at no less than 20 billion THB, which was considered sufficient for emergency uses.

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PTT President and Chief Executive Officer Prasert Bunsumpun explained about the price increase that the crude oil price currently reached almost 78 USD per barrel, and the marketing margin stood at 80-90 Satang a liter only instead of 1.50-1.80 THB per liter.

Mr Prasert added that the retail oil prices at PTT stations must be increased following other brands which earlier decided to raise their prices.

As a result, retail oil prices at PTT gas stations located in Bangkok and vicinities are as follows:

Benzene 91 is sold at 36.24 THB per liter.

Gasohol 95 stands at 32.44 THB and Gasohol 91 at 30.94 THB per liter.

E85 remains at 19.42 THB per liter while E20 rises at 30.14 THB per liter.

Biodiesel B3 is at 28.89 THB per liter and B5 at 27.99 THB per liter.

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PTT executive said more people would turn to buy petrol from PTT although the delay would result in a greater loss for the company. However, it will adjust the price up accordingly on Thursday.

Other companies have adjusted up the retail oil prices, except for E85, by 60 satang since this morning due to continual global price increase. An average marketing margin has been reduced to 70 satang per liter.

Today’s domestic retail oil prices (except for PTT) are as follows:

Benzine 91 stands at 36.24 THB per liter.

Gasohol 91 stands at 30.94 THB per liter.

Gasohol 95 stands at 32.44 THB per liter.

Gasohol E85 stands at 19.42 THB per liter.

Gasohol E20 stands at 30.14 THB per liter.

Diesel B5 stands at 27.99 THB per liter.

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Energy Minister Wannarat Channukul said the ministry would ask the cabinet to retain the LPG price pegging measure which was due to expire at the end of August, until the end of 2010 to help shouldering people’s expenditure burden.

Mr Wannarat stated that although the economy had started to recover, people still had to bear the burden of high expense. Besides the LPG, he would also ask the government to continue maintaining the price of compressed natural gas.

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Since last month, the Energy Ministry has been cooperating with state enterprises and energy firms, such as PTT Plc and the Electricity Generating Authority of Thailand (EGAT), in reserving approximately 1.5 million liters of diesel, worth 45 million THB, for distribution to over 60 drought-hit provinces throughout the country. The provision of the fuel is aimed to help local residents faced with dry conditions in their transport of water from other locations as well as the pumping of water.

As part of the relief effort, about 93,333 liters of diesel, worth 2.8 million THB, will be distributed to people in 128 tambons and 17 districts of Surin province on 24 June 2010. The fuel will be given out to the residents in the form of coupons, which can be redeemed at PTT stations until the end of July

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Retail oil prices at Bangchak gas stations located in Bangkok and vicinities are as follows:

Benzene 91 is sold at 35.64 THB per liter.

Gasohol 95 stands at 31.84 THB and Gasohol 91 at 30.34 THB per liter.

E85 remains at 19.42 THB per liter while E20 rises at 29.54 THB per liter.

Biodiesel B2 is at 28.89 THB per liter and B5 at 27.39 THB per liter.

The price increase for Bangchak has been made following the announcement of Shell Thailand on Thursday night. Meanwhile, the retail oil price at PTT remains the same.

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Ms Rossana stated that she had submitted a letter to the Prime Minister Abhisit Vejjajiva, demanding the government to discard its plan of NGV/LPG price raise including the use of oil fund in compensating for NGV/LPG gas imported.

Ms Rossana clarified that LPG production in the Gulf of Thailand was insufficient for the use in the country due to the huge consumption among petrochemical business sector, while the use in households had been reduced. In addition petrochemical businesses have the privilege to buy gas at global price. As such, the business sector must shoulder imported gas expenses solely, not the general public.

Thereby, the senator said the use of Oil Fund for the compensation of LPG import expenses was deemed misappropriated. The government has to control LPG price sold to household consumers and not let the price float in line with the global market.

On 28 June there will be a meeting of the Energy Policy and Planning Board chaired by the Prime Minister, Ms Rossana will present this issue and relevant information at the meeting for the government’s operation thereafter.

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Chief Executive Officer and President of PTT Prasert Bunsumpun revealed that the company had agreed with the PEA to build wind farms with the production capacity of 5-10 megawatts in the southern and eastern regions of Thailand under a total budget of 300-700 million THB. The company expects to be able to put the project to commercial use by 2014.

The wind-powered electricity to be generated by the wind farms is anticipated to replace oil consumption by 2.26-4.53 million liters per year.

According to a study conducted by the Ministry of Energy on the wind potential in the country, Thailand can produce around 1,600 megawatts of electricity from wind. In the latest 15-year Alternative Energy Development Plan, the Energy Ministry has targeted to have no less than 115 megawatts of wind-generated electricity by 2011 and 800 megawatts by 2022.

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The APEC Japan 2010 Energy Ministers’ Meeting held June 19-20 in Fukui City aims at strengthening cooperation between 21 APEC member countries in reducing carbon use, reducing gas emissions, promoting energy conservation and alternative energy, cooperating in nuclear energy and boosting investment in gas emission-free green energy.

Mr Wannarat said he will brief APEC energy ministers on Thailand’s recent political turmoil, which eased after the security force operations on anti-government protesters on May 19, and on the government’s attempt to resolve problems at the Map Ta Phut Industrial Estate, Thailand’s biggest manufacturing park in the eastern seaboard province of Rayong.

Developed countries including Japan, South Korea and the United States showed interest in investing in alternative energy in Thailand, he said, adding that he would also confer with his American counterpart on Washington’s readiness to provide budget and encouraging Thailand to become a centre for construction materials to conserve energy.

Mr Wannarat said Thailand, Japan and Singapore will exchange information in developing a green community called ‘APEC low carbon model town’ before urging the rest of APEC to adopt the method in future. (TNA)

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