Oil prices up 40 satang on Sat

Chaiwat Chooritti, senior executive vice president of PTT, said that the global oil prices have moved up sharply due to higher demand against lower reserves in the US.  Oil reserves in the US at 319,000 million barrels are 13 million barrels lower than last year.

 Moreover, the depression in the Atlantic Ocean could develop into the tropical story and could hit oil and gas fields in the Gulf of Mexico. The expectation came amid the time when several refineries are closed for maintenance.

On Friday, Dubai crude oil price rose to US$75 per barrel, up $1.4 from the previous day. Meanwhile, finished octane-95 petrol also gained $2.98 to $85.40 a barrel and diesel stable at $92 a barrel.

 "We have tried to delay the retail price increase, but under the current condition, we need to raise the retail prices of both petrol and diesel by 40 satang," he said.

 Octane-95 petrol would be Bt29.99 after the increase, while octane-91 would be Bt29.19. Diesel would be Bt27.34.

 "Oil prices tend to keep fluctuating and this could raise oil prices," Chaiwat added.

- The Nation