from narrower DTD/DB spread. Within this quarter there was an inventory gain of THB 241 million from the increase in crude price, but there was a loss from the crude and product oil price hedging

refinery margin increased by THB 22 Million (+1%) when compared to the same period of the previous year, as a result of an upward adjustment of crack spread between various finished products and crude oil

spread of COVID-19, the government of many countries enacted lockdown measure, leading to the announcement of the temporarily capacity reduction of plant for a long while by customers. As a result, fatty

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

reduced Market GRM, following the decline in refinery production volume due to the TAM, as well as a decrease in average Gasoline/Dubai crack spread and Fuel oil/Dubai crack spread, and the rise in crude

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

at that level for 20 days before returning to normal capacity. The difference between Dated Brent and Dubai price average in Q2/2018 compared to Q2/2017 increased by 2.37 $/BBL was due to more Asian

Gross Refinery Margin (Total GRM) declined THB 971 million compared to 2018, mainly due to the following reasons:  Operating GRM decreased THB 1,682 million compared to 2018. Mainly from the crack spread

of CPO and CPKO, implemented lockdown measure to prevent the spread of COVID- 19, resulting in supply chain and travel restrictions. Additionally, some producers announced the temporarily capacity

gross refinery margin was 6.37 $/BBL, a decrease of 1.59 $/BBL from Q1/2017, due to Market GRM in Q1/2018 decreasing by 0.36 $/BBL, as DTD Brent/DB spread widened, essentially increasing the crude cost