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Thai government also raise gasoline price |
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August 17, 2000
BANGKOK (AP) - The Petroleum Authority of Thailand on Wednesday increased the prices of gasoline and diesel for the second time in 20 days, saying it needs to offset the high cost of buying oil on the world market. In a statement, the authority said the prices will go up by 0.30 baht (three-quarters of a U.S. cent) per liter, or 1.14 baht (2.85 U.S. cents) per gallon. As a result, the retail price of high octane gasoline will rise to 16.79 baht (42 cents) per liter, or 63.80 baht (dlrs 1.59) per gallon. Diesel will cost 13.89 baht (34.72 cents) per liter, or 52.78 baht (dlrs 1.31) per gallon. A similar increase was levied on Aug. 7, taking gasoline prices to a historic high. The Petroleum Authority "cannot shoulder the rising cost (of oil) anymore, as the margin has been squeezed," it said in the statement. From Aug. 7 to Aug. 15, the price of high-octane gasoline has risen to dlrs 39.68 a barrel from dlrs 37.95 a barrel, reaching the highest level in the last 10 years since the 1991 Gulf War. The diesel price has climbed to dlrs 35.55 per barrel from dlrs 33.93 per barrel. Thailand has also been hit hard by the weakening of its currency. |