มกีารปรับตวัดขีึน้ เน่ืองจากการลดลงของราคา Feedstock ซ่ึงถูกขบัเคล่ือนโดยราคาน ้ ามนัดิบท่ีลดลงและอุป สงคข์องน ้ ามนัเบนซิน (gasoline) ท่ีลดลง เช่นเดยีวกบัธุรกจิ PIA ในประเทศสหรัฐอเมริกาและทวปียุโรป

503 552 483 -4% -13% 1,610 1,643 2% Total 1,382 1,504 1,417 3% -6% 4,297 4,461 4% Sales volume in each product category (Million Litre) LPG 12 15 23 93% 49% 59 52 -12% Gasoline 11 15 7 -30% -51% 30 35

37 173% 47% Gasoline 12 8 9 -22% 10% Gasohol 400 442 404 1% -9% Jet Fuel 244 209 209 -14% -0.4% Diesel 813 825 802 -1% -3% Fuel Oil and Others 58 46 53 -8% 16% Total 1,539 1,555 1,514 -2% -3% Total

growth. Even though business loans are expected to receive an additional boost from public investment, retail loans will remain challenged mainly by fragile consumer confidence and household debt servicing

following the policy rate increase by the US Federal Reserve, may see an economic slowdown during this quarter. Aside from their fragile economic fundamentals, these countries were vulnerable to capital

product category(Million Litre) LPG 14 23 25 80% 11% 73 77 6% Gasoline 11 7 8 -25% 13% 42 43 3% Gasohol 416 427 442 6% 4% 1,650 1,688 2% Jet Fuel 225 200 209 -7% 5% 822 841 2% Diesel 771 714 825 7% 15

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...