Energy expert: domestic oil prices likely to reduce next week

July 19th, 2008 - 10:56 am ICT by Amrit Rashmisrisethi  

Mr. Manoon Siriwan, an energy expert and former deputy managing director of Bangchak Petroleum, said the retail prices of domestic oil should be lower by around 60 to 80 satang a liter next week, as global oil prices continued to slide and closed below 130 US dollars a barrel for the first time in more than a month.

However, other energy experts pointed out that the global oil prices could be rising again, if affected by other factors, such as the devaluation of Thai baht, the rise of the United States economy, the potential devastation from a hurricane or the mounting tension in the Middle East.

In response to the six-month energy tax cut measure, Mr. Manoon said it would allow people to save more money in the short term. He claimed that the government is spending 30 billion to 40 billion baht to carry out this measure. He indicated that if the government extends the plan longer than six months, they must spend around 70 billion baht more.

Source : National News Bureau, Public Relations Department of Thailand

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