Oil prices tend to rise

PTT Plc will decide this evening if it would raise the retail oil prices tomorrow, citing that so far this year it has accumulated losses of Bt700 million from retail oil business.

Vithaya Wangchitrarak, PTT executive vice president, said that it is likely that the retail oil prices would be raised by 40 satang per litre, due to the continued hike in world oil prices.

"At present, our marketing fee is only 40 satang per litre. So far, this year, PTT has lost Bt700 million from this business," he said.

Since September 1, retail oil prices have been raised four times. Petrol price has been raised by Bt1.20 per litre so far while diesel by Bt1.60.

Oil prices on Wednesday made a new record high at US$81.93 a barrel. Yesterday, light, sweet crude for October delivery lost 11 cents to US$81.82 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

The decline is limited on worries on lower US reserves, impacts from the hurricane, and the nuclear crisis in Iran.

- The Nation

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Oil prices tend to rise

PTT Plc will decide this evening if it would raise the retail oil prices tomorrow, citing that so far this year it has accumulated losses of Bt700 million from retail oil business.

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