Retail Oil Prices Expected to Fall in Thailand

BANGKOK, Nov 1 (TNA) - Global oil prices, including in Thailand, are expected to remain steady while there are hopes that retail oil prices in the kingdom could retreat if no serious situation occurs, Thailand’s Energy Ministry’s Deputy Permanent Secretary Chavalit Pichalai said on Sunday. Mr. Chavalit said it is possible that prices of retail oil, especially gasohol and diesel, in Thailand could decline if Dubai crude price stay between 55 – 60 US dollars per barrel and Iran could resume export its crude after a boycott is lifted. If prices of retail oil on gasohol and diesel which are important for transportation and industrial sectors in Thailand could decline, it would benefit the country’s economy, the senior official said. A report released by the International Energy Agency (IEA) for September stated that global oil production is at 96.76 million barrels per day, exceeding daily demand at 95.17 million barrels. The IEA is known as the most authoritative source for global energy statistics. The agency publishes its statistics in a series of annual and quarterly publications as well as through electronic data services. (TNA)