spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

marketing margin declined from the rise in crude oil price in Q1/2019, which caused the finished oil products cost to increase, while the retail price was slower to adjust. Moreover, with the price fix for

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

to an inventory gain of THB 856 million. However, there was a loss from crude and product oil price hedging contract at THB 75 million. Furthermore, the refinery planned to manage the stocks of

margin of the retail market, as the price of crude oil adjusted downward throughout the quarter, allowing the company to adjust the selling price according to its reducing costs, thus leading to increase

/DB) was as well widened, affecting crude cost to adjust upwards. From the rise in average crude oil price during this quarter there was an inventory gain of THB 450 million, and a gain from oil hedging

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

quarter in tandem with crude palm oil price, which is a result of measures to adjust domestic palm oil equilibrium. The cabinet resolved to have the Electricity Generating Authority of Thailand (EGAT) to

their allies unable to come to terms on oil production cuts. This further exemplified pressure on the price of crude in the global market to make a severe reduction late in the quarter. Average price of

every finished product and crude oil price crack spreads, with supporting factors ranging from the maintenance of various refineries in North Asia, as well as concerns over supplies tightening after the