in Q1/2019 from the rise of crude price, which caused the cost of products to increase, while the service station prices were not able to keep up with pace. Additionally, the Company had freeze the

retail price for people traveling to pay respect on the Royal Cremation Day of King Rama the 9th, and the price freeze policy during December as a gift to consumers led to moderate retail marketing margin

freeze retail price, during December 2017 as a gift for consumers that were traveling during the new year period. Management Discussion and Analysis of Business Operation for the year 2017 Bangchak