Search Results for: oil prices
- Business News
Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
- Business News
Diesel prices dip amid global economic recession fears and interest rate hikes
On Monday, Diesel prices have fallen to around 32 baht per litre, as global crude oil prices continue to decline amidst concerns about an economic recession. The Oil Fuel Fund Office (Offo) has attributed this decrease to economic contraction, resulting from central banks’ interest rate hikes. As central banks, including the Federal Reserve and the European Central Bank (ECB), continue…
- Business News
Growing global demand for gold amid banking sector turmoil and geopolitical tensions
The global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset, according to the World Gold Council (WGC). The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins…
- Business News
Bangchak Group monitors energy prices amid global recession concerns
Energy giant Bangchak Group of Thailand is keeping a close eye on energy prices for the second quarter of this year, amid concerns of an impending global recession. The company reported a 16% increase in revenue in the first quarter. Chaiwat Kovavisarach, the group CEO and president of Bangchak Corporation Plc, expressed that crude oil prices are likely to remain…
- World News
French finance minister’s erotic novel raises eyebrows amidst economic turmoil
A recent novel by France’s Finance and Economy Minister, Bruno Le Maire, 54 years old, has caused quite a stir and left the government facing questions about how he finds the time to write amidst the nation’s current economic challenges. “American Fugue” is the 13th book penned by Le Maire, who has been at the forefront of defending President Emmanuel…
- Thailand News
Turmoil as Koh Larn boat operators fight over tourists at Bali Hai Pier in Pattaya
A brawl over passengers between two groups of Koh Larn speed boat operators at Bali Hai Pier in Pattaya was reported on Saturday. One operator claimed he was attacked by over 10 members of a mafia speed boat gang. A 31 year old Thai man named Kongkot shared a video of the moment when the fracas sparked on Saturday, April…
- Tourism News
PM’s plan to tackle soaring cost of air ticket prices in Thailand
Prime Minister Prayut Chan-o-cha has taken charge to address the soaring prices of air tickets with a comprehensive five-point plan. The plan comes after Deputy Transport Minister Atirat Ratanasate informed the ministry of the measures taken and those in the pipeline to address the substantial hikes due to the surge in demand after the Covid-19 pandemic and the recent decision…
- Economy News
Big Oil Majors production cuts, what this means to airfares
The recent move by the Big Oil Majors to cut production by over one million barrels a day as a “precautionary” measure to stabilize the oil market will have a domino effect on airfares, according to industry experts. The Organization of the Petroleum Exporting Countries (OPEC) yesterday announced plans to lower oil production by 1.16 million barrels per day, starting…
- Economy News
Big Oil Majors take precautionary step to stabilize oil market by cutting production
The globe’s major oil companies, commonly known as “Big Oil Majors,” made a somewhat surprising move to cut production by over one million barrels per day as a “precautionary” move to stabilise the oil market. Russia, a leading member of the OPEC+ cartel, also decided to extend their existing cut of 500,000 barrels per day until the end of the…
- Thailand News
Something fishy about Thailand’s rising prices?
The Internal Trade Department stopped greedy manufacturers from increasing the prices of baby milk formula and canned fish products, amid fears that Thailand’s rising prices are more about reduced profits for shareholders than increased production costs. Government Spokesperson Rachada Dhnadirek said yesterday that the department told manufacturers that both are controlled products – though they must have already known this…
- Thailand News
Global food prices, hunger hit record highs
Global food prices for grain and vegetable oil were the highest on record last year, even after falling for nine months in a row, the UN Food and Agriculture Organization said, as Russia’s war in Ukraine, drought and other factors take the blame for inflation and global hunger. The FAO Food Price Index, which tracks monthly changes in food prices, dipped…
- Economy News
Instant noodles, a staple budget food, fighting to increase prices
There is perhaps no symbol more synonymous with living on a tight budget than dining cheap with a cup of ramen instant noodles. So it’s an extra kick for those struggling during this time of hyperinflation in Thailand and around the world that instant noodles manufacturers have requested expedited permission to raise prices on their products. The Internal Trade Department…
- Transport News
Thai government agrees to continue subsidising diesel prices past July
The Oil Fuel Fund board has resolved to keep diesel prices around Bangkok and immediate provinces at 34.94 baht per litre until the end of July. The government, via the OFF Board, have been subsiding the country’s diesel prices since they started to rocket due to the current global fuel price crisis. The government, or specifically Thai taxpayers, have been…
- Economy News
Thailand’s bottled palm oil price drops slightly
After Thailand’s price of bottled palm oil has kept surging and surging for months, it has now finally come down a bit. Prices in department stores and supermarkets on 1 litre bottles have dropped from 69-70 baht, to 64-65 baht. The director-general of Thailand’s Internal Trade Department, Udom Srisomsong, pointed out that prices may differ between stores, though. Udom stressed…
- Economy News
Poll: 92% don’t earn more than their expenses, oil price main factor
A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…
- Transport News
Petrol prices in Bangkok reduced tomorrow
Good news for Bangkok motorists as the PTT Oil and Retail Business today announced the cost of petrol will be reduced from tomorrow (Friday) morning. The retail prices of petrol and all types of gasohol except E85 will drop by 3 baht per litre, E85 by 1.8 baht per litre, at 5am tomorrow. It’s not all good news for motorists…
- Economy News
In midst of price inflation, Thailand to freeze prices on dozens of products
In the midst of the world’s overwhelming price inflation, Thailand plans to freeze the prices of 46 items. The items are grouped into 9 categories, which are: paper and paper products, transport-related products, farm-related products, petroleum products, medicines, construction materials, “important” farm products, consumer products and food. The items include bicycle and car tires, motorcycles and trucks, water pumps, fertiliser,…
- Economy News
Thailand’s bottled palm oil price continues to skyrocket
Efforts by Thailand’s palm oil farmers, extractors, and producers to cap the price of bottled palm oil at 64-66 baht per litre have proved fruitless. The price has now skyrocketed to 70-76 baht in some markets, according to a survey by Thai PBS. The survey says that in department stores, the price is 68 baht per litre or lower. Palm…
- Business News
Thai airlines say recovery being held up by high fuel prices
The head of commercial operations at Thai Lion Air says high oil prices continue to hinder recovery in the aviation sector. Nuntaporn Komonsittivate says that, while tourism is slowly improving since the easing of entry restrictions, airlines are still struggling. “The airline business has grappled with the pandemic for more than 2 years. Oil prices account for 30% of operational…
- World News
Another Indonesia oil export attempt foiled
After Indonesian authorities caught 2 ships trying to smuggle crude palm oil out of the country earlier this month, they have now foiled yet another oil export attempt. Indonesia’s trade ministry released a statement yesterday saying that authorities seized a ship headed for East Tamor on April 28. Indonesia banned crude palm oil exports last month in order to control…
- World News
After Indonesia’s export ban, palm oil producers promise price cap in Thailand
In the midst of the global palm oil crisis following Indonesia’s export ban, palm oil farmers, extractors, and producers are promising Thailand’s Internal Trade department that they will cap the price on the product. The Internal Trade Department’s chief said the 3 groups were told that an export ban may be considered if palm oil stocks fall below 300,000 tonnes.…
- World News
Ships caught trying to smuggle palm oil out of Indonesia after export ban
Following a move by Indonesia’s government to ban crude palm oil from being exported from the country, 2 ships were caught trying to smuggle the product to India and the United Arab Emirates. There has been a palm oil shortage in Indonesia for the past month since the Russia-Ukraine crisis has impacted the supply of vegetable oil in the country,…
- Thailand video news
Thailand News Update | Prices for EVERYTHING set to rise in Thailand
The days of cheap diesel in Thailand are over with the government scrapping its subsidy to maintain the 30 baht cap on diesel fuel. The governments says that without the subsidy the real diesel prices in Thailand would be around 40 baht a litre. The government is appealing for understanding over the decision as they scramble for an alternative solution…
- World News
Amidst Indonesia palm oil crisis, farmers support export ban
Amidst an ongoing surge in the crude price of palm oil, Indonesian farmers support the country’s palm oil ban set to begin on April 28. While some politicians have criticized the ban, Indonesia’s Oil Palm Farmers Union said today that the ban is a “temporary ban” necessary for supply and affordability of cooking oil in the domestic market. Last month,…
- Thailand News
EVs take limelight at Bangkok motor show, spurred by subsidy as fuel prices surge
Electric vehicles took centre stage at the Bangkok International Motor Show this week, where thousands gawked at the latest fuel-efficient models that car manufacturers have to offer, as global fuel rices continue to soar due to the war in Ukraine. Attendants were intrigued by the additional perk of a 15 percent government subsidy for select EVs. The show highlights the…
- Economy News
As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
- World News
UKRAINE UPDATES: Zelensky invokes Churchill; Biden bans Russian oil; civilians flee cities; McDonald’s, Starbucks close stores in Russia
As Russia’s invasion of Ukraine hits the two-week mark, here’s the latest headlines… • A new ceasefire in the northeastern city of Sumy is expected to allow more civilians to flee to safety. • On Tuesday, about 7,000 people were evacuated from the city, which Russian has bombarded for days. Already 22 people were killed in air strikes on the…
- Thailand video news
Asia News Today | Japan looks for oil alternatives, floods in Malaysia
Japan’s imports of Russian crude would not be able to be replaced immediately, as discussions continue globally about the possibility of cutting Moscow’s oil from overseas markets. Russia is Japan’s fifth-biggest supplier of crude oil and liquefied natural gas, but Japan is now actively looking for alternatives as the sanctions bite and the pressure is on countries to cut economic…
- Economy News
Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
- Economy News
Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
