Domestic retail prices of oil likely to down this week

Oil price expected to go down this week

Domestic retail prices of oil are likely to decrease within this week in line with the expected downward movement of prices in the world market, according to Bangchak Petroleum Plc.

Speaking about the current oil price situation, Bangchak President Anusorn Sangnimnuan said an awaited resolution on austerity measures of Greece likely on Tuesday must be monitored before the International Monetary Fund makes its decision on the release of the 12-billion-Euro financial aid on 3 July.

In addition, the US plan to daily release 2 million barrels of oil from reserves will push the oil price down.

The Bangchak president hence continued that the retail oil prices, especially benzene and gasohol products, will probably go down this week while diesel price should remain at 29.99 baht per liter due to additional diesel levy collection of the Committee on Energy Policy Administration (CEPA).

The CEPA on Monday resolved to collect another 60 satang from each liter of diesel to be contributed towards the State Oil Fund. The levy on diesel has been boosted to 2.4 baht per liter from the original 1.8 baht.



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