Oil Prices in Thailand will not be higher than 40 baht/liter this year

BANGKOK, 06 October 2010 (NNT) – The Department of Energy believes that oil retail prices in the country this year will not be over 40 baht/liter, even though global oil prices tend to go up in the winter.

Mr. Tawarat Sutabutr, Deputy Director General of Department of Renewable Energy and Energy Conservation said the reason global oil prices would go up to 83 US Dollars/barrel because there was a greater demand for oil this coming winter, and the average oil price was believed to be no more than 80 US Dollars/barrel this year.

However, there are other factors that are affecting the global oil prices such as the unsteadiness of the world economy in European countries such as Portugal, Italy, Ireland, Greece and Spain.

NNT