Dr. Anusorn: Bangchak pegs its retail prices of domestic oil products for next few days

BANGKOK, 9 June 2009 (NNT) – Bangchak President Anusorn Saengnimnuan divulged that his company would peg retail prices of its oil products for next few days, while expecting that crude price could hit US$70-80 a barrel in the third quarter.

With the price hike of crude in the global market, Dr. Anusorn said it would direct the average price of crude to stand at US$55 a barrel for the whole year. He said crude price should stabilize for the next few days as well.

Dr. Anusorn advised the Government to intervene in the oil prices once retail prices of domestic oil products go beyond 35 baht a liter. When it occurs, he said either excise tax policy or State Oil Fund’s policy could help minimize impacts on the Thai economy.

Dr. Anusorn also agreed with the Energy Ministry’s plan to call off the distribution of benzene 91 as it would help increase the domestic consumption of ethanol up to one million liter a day.