Thai PTT To Cut Gasoline Prices THB0.40/Liter Thursday

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Wednesday 3 November 10:53 PM

Thai PTT To Cut Gasoline Prices THB0.40/Liter Thursday

DJ Thai PTT To Cut Gasoline Prices THB0.40/Liter Thursday

BANGKOK (Dow Jones)--Thailand's state-owned oil and gas conglomerate PTT PCL (PTT.TH) said Wednesday it will cut retail prices of gasoline products by THB0.40 a liter, effective Thursday.

The move is in line with softening crude oil prices and refined oil prices in global markets, PTT said in a statement.

Following the cut, the retail prices of premium and regular gasoline will be THB21.99/liter and THB21.19/liter, respectively, PTT stated.

The retail price of high-speed diesel remains unchanged at THB14.59/liter, under the government subsidy.

In late October, the government stopped subsidizing retail prices of gasoline. However, it has pledged to continue subsidizing retail diesel prices until the end of the winter before gradually adjusting the price higher.

The government's subsidy on local fuel prices, started in January, aims to limit the impact of volatile global oil prices on the domestic economy.

PTT sets the benchmark for prices of local petroleum products.

-By Bangkok Bureau, Dow Jones Newswires; 662-266-0744; djn.bangkok@Dowjones.com

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