Sunday, November 25, 2007

Report: Thailand fuel prices hit record

Thailand's oil and gas conglomerate PTT PCL raised its retail gasoline, diesel and biofuel prices just over 1 percent to record levels amid soaring global crude oil prices, according to a media report Friday.

Prices at the pump were raised a uniform 40 santang (1.3 cents) per liter, according to the Bangkok Post. That amounts to 1.2-1.4 percent for fuel grades from 5 percent biodiesel to premium gasoline.

PTT dominates the Thailand's retail fuel sales with a 34 percent share of the market, and most retail operators follow PTT pricing.

The company blamed the increase on the sharp rise in global oil prices, the Post said. Crude oil futures on the New York Mercantile Exchange hit a record US$99.29 a barrel earlier this week and were trading above $97 a barrel Friday.

Premium gasoline is now at 32.89 Thai baht ($1.06) a liter; regular is at 31.59 baht ($1.01) a liter; high speed diesel is at 29.34 baht (94 cents) a liter; and 5 percent biodiesel is at 28.34 baht (91 cents) a liter.

Other companies operating retail fuel stations in the country -- including Royal Dutch Shell PLC, Chevron Corp. and Malaysia's Petroliam Nasional Bhd. -- have set their pump prices Friday at the same level as PTT, according to the Web site of the Energy Policy and Planning Office of Thailand's Ministry of Energy.

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