Energy Minister Wants to Cut Oil Refinery Margin

BANGKOK, June 10 (TNA) - Electricity Generating Authority of Thailand, June 9 – The energy minister plans to apply laws and seek cooperation to decrease the oil refinery margin and thus local oil prices. Energy Minister Supattanapong Punmeechaow said the government was considering a proposal that the presently high oil refinery margin should be reduced to lower the retail diesel price. The Energy Ministry would ask oil refiners to cut the margin and would also use relevant laws to push for the reduction. The movements would become clear within this month and were expected to lower oil prices, said Mr Supattanapong who is also a deputy prime minister. “Reduction in the oil refinery margin will be a way to decrease oil prices but under the circumstance of free trade we must also consider if lower local prices will prompt refiners to export oil in the way that will affect local supplies. There will be both requests for cooperation and law enforcement and consumers and operators will be fairly treated,” Mr Supattanapong said. (TNA)