Premium petrol price hits new record

Chaiwat Chooritti, senior executive vice president of PTT Plc, attributed the latest move to the persistently high prices of refined petrol in Singapore, which stood at US$98.49 a barrel today.

 He said that petrol enjoys high demand as a refining plant in the UK caught fire while refiners in China still run at low capacity despite high domestic demand. Crude oil price also stayed as high as $84.77 a barrel today.

 Chaiwat noted that retailers opted to raise the prices of premium petrol, as consumers still can switch to gasohol 95 which is Bt4 a litre cheaper. Gasohol 91 is also cheaper than octane-91 petrol by Bt3.50 a litre.

 "I believe that gasohol would enjoy an increase in demand," he said, noting that PTT would not follow Bangchak Petroleum Plc's move in scrapping premium petrol distribution on January 1. He said PTT would instead gradually reduce the number of stations that offer such fuel while letting the price move in line with the actual costs.

- The Nation