, causing ship owners to avoid refueling bunker fuel oil in the Middle Eastern area, but to refuel from Singapore instead. Also, supplies in the region tightenesd as most traders have lowered their stocks of

% Wholesale Business Petroleum traders in accordance with section 7 236 185 178 -24% -4% 288 363 26% Export 222 203 287 29% 41% 429 490 14% Total 458 388 465 1% 20% 717 853 19% Total Sales Volume 1,908 1,928

Business Petroleum traders in accordance with section 7 260 178 170 -35% -5% 549 533 -3% Export 259 287 295 14% 3% 687 785 14% Total 519 465 465 -10% 0% 1236 1318 7% Total Sales Volume 1,902 1,969 1,883 -1

decline. Gasoline and Dubai crack spread (UNL95/DB) crack spread increased by 3.80 $/BBL compared to the average of 3.77 $/BBL in the previous quarter, with support from oil traders who were able to enact

earlier, as traders switch their reserve stocks more towards the proportion of Low Sulphur Fuel Oil which has a lower price as oppose to Diesel fuel, and stocking supplies to readily cater to the market

of Business Operation for Q1/2020 Bangchak Corporation Plc. | for market consumption, traders decided to switch their reserves to Low Sulphur Fuel Oil. Moreover, demand for Gasoil declined after

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...

Retail 921 934 1,002 9% 7% 3,609 3,820 6% Industrial 570 483 553 -3% 14% 2,180 2,196 1% Total 1,492 1,417 1,555 4% 10% 5,789 6,016 4% Wholesale Business Petroleum traders in accordance with section 7 258

% Industrial 517 501 489 -5% -2% Total 1,514 1,526 1,521 0.5% -0.3% Wholesale Business Petroleum traders in accordance with section 7 151 149 138 -9% -8% Export 199 334 246 23% -26% Total 350 483 383 10% -21

(unit: million litres) Marketing Business Q1/2017 Q4/2018 Q1/2018 YoY QoQ Retail 932 1002 997 7% -0.5% Industrial 607 553 517 -15% -7% Total 1,539 1,555 1,514 -2% -3% Wholesale Business Petroleum traders