BANGKOK, 26 February 2012 (NNT) – The continued increase in global oil prices may soon drive Thailand’s retail fuel prices to hit the THB50-a-liter level, according to the country’s energy planning agency.
Energy Policy and Planning Office (EPPO) Director-General Suthep Liumsirijarern commented that global oil prices are expected to reach a new high of US$150 a barrel this year, compared with the 2011 record high of US$147.
EPPO’s forecast of more expensive oils was made, even after it has taken into account the likelihood that no war will break out in the Middle East in 2012.
However, other factors, including the halt at Japan’s Fukushima Nuclear Power Plant as a result of the March 2011 massive quake and tsunami, the easing unemployment problem in the US and a likely rise in the US demand for fuel during the summer holiday, can still force global oil prices up.
Mr. Suthep stated that EPPO believes local fuel prices may surge to as high as US$50 per liter soon.
Read more: NNT