volatility is positive and significant. We explain this result since, volatility spikes are just that spikes and once the increased volatility subsides, GR investors return to the tables. In all four

the sharp spikes in global crude oil price in Q3/2018, especially during September, which led to retail prices adjustment being more laggard than the increasing oil products cost, coupled with the

the previous year. As Q3/2018 experienced sharp spikes in global crude oil price, coupled with the government measures to appoint retail Diesel price ceiling at THB 30 per liter, resulting in a

and closures that may be imposed for spikes in occurrences of the virus and the extent to which any such measures could be implemented remain uncertain, including whether any more temporary or permanent