Domestic demand affects Thai oil exports

BANGKOK, September 12 (TNA) - Thaioil Public Company Limited says that the national economic growth and the Thai government's policy on refund of excise tax on vehicles for local first-car buyers have raised domestic oil demand and cut the country's oil exports by 10-15 per cent from its earlier targeted level. According to the Thai Ministry of Energy, domestic oil demand has stood at 1.94 million barrels daily on average so far this year, rising by 5.2 per cent from last year. As the Thai economy has been projected to grow by 5.5-6.5 per cent in 2012, domestic oil demand throughout this year is expected to, thus, increase by 4.1 per cent.(TNA)