| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record

marketing margin declined from the previous quarter, due to crude price adjusting upward during the quarter, leading to increasing product cost. Meanwhile, the retail market price adjustment was not able to

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

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

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

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

retail marketing margin. On the other hand, Q4/2017 was a period that crude oil rose consistently, while there were time mismatch in retail price adjustment. As well as, in Q4/2017 the company discounted

adjustment was 100,000 barrels per day to 1.20 million barrels per day. Averaged Dubai crude price in Q2/2019 rose by 4.14 $/BBL compared to Q1/2019, with pressure from concerns that global crude supply would

million and THB 500 million respectively. The increase is mainly due to the adjustment of one off provision for severance pay according to new announcement of Labour Protection Act in April 2019 by

company to govern retail service station prices that best accommodate the finished product cost. While, in Q3/2018 crude oil price was on the rise, retail price adjustment was outpaced by the rapidly rising