Thailand Prime Minister Prayut Chan-o-cha on Monday stated that the Ministry of Energy could not intervene by tempering refiners’ gross refining margin in order to bring down fuel prices, but only requested corporates to cut the margin voluntarily.
Following the report on Friday that the Minister of Energy was considering to intervene with the gross refining margin, causing most of the share prices related to refinery business to trade lower since Friday in concerns of lower earnings from the cut.
Star Petroleum Refining Public Company Limited (SET: SPRC) closed the morning session on Monday at THB12.50 per share, decreased THB0.50 or 3.85%.
Esso (Thailand) Public Company Limited (SET: ESSO) slipped THB0.30 or 2.46% per share to close at THB11.90 per share.
Thai Oil Public Company Limited (SET: TOP) dropped THB4.25 or 7.49% per share to close at THB52.50 per share.
Bangchak Corporation Public Company Limited (SET: BCP) plunged THB2.50 or 7.30% to close at THB31.75 per share.
IRPC Public Company Limited (SET: IRPC) dipped THB0.12 or 3.43% to close at THB3.38 per share.
PTT Global Chemical Public Company Limited (SET: PTTGC) fell THB1.50 or 3.17% to close at THB45.75 per share.
However, the statement from the Thai PM saying that the government only requested for cooperation in cutting the gross refining margin to reduce the cost of living of Thais could shed some light to refining stocks this afternoon.
