Oil prices down on looming crisis
Oil retailers will slash pump prices of all fuel products by 50 satang per litre on Wednesday, due to the recently decline in global oil prices following the collapse of US investment bank Lehman Brothers.
Lehman's bankruptcy indicated that the worst is not yet over for the US financial crisis. And as the spillover effect is expected, the global economy could be reeling from the crisis and hence the oil demand could be dented.
After the cut, octane-91 petrol would cost Bt35.79 per litre while gasohol 91 at Bt27.49. Diesel would then be Bt31.34.
On Tuesday, Dubai crude oil dropped to US$92.04, down $3.21 from the previous day. Refined petrol price also fell $4.17 to $105.40 a barrel while refined diesel by $1.96 to $115.36.
Petrol prices have fallen collectively Bt10.90 per litre since July while high-speed diesel price also dropped as much as Bt12.90 in the same period.