Thai refining stocks rebounded on Tuesday as investors showed no concern over the Energy Ministry considering a new price cap for oil refineries.
As of 11.16 hrs. local time in Thailand, the share price of Esso (Thailand) Pcl. (SET: ESSO) rose THB1.30/share, or 11.02% to THB13.10/share, with a trading value of THB499 million.
The share price of Star Petroleum Refining Pcl. (SET: SPRC) rose THB0.50/share, or 3.97% to THB13.10/share, with a trading value of THB264 million.
The share price of Bangchak Corporation Pcl. (SET: BCP) rose THB0.75/share, or 2.36% to THB32.50/share, with a trading value of THB357 million.
The share price of Thai Oil Pcl. (SET: TOP) rose THB1.25/share, or 2.34% to THB54.75/share, with a trading value of THB852 million.
According to Maybank Securities (Thailand) (MST), investors have shown no concern over the Energy Ministry’s consideration of a new price cap for oil refineries, which has led to a rebound in most oil refining stocks today (14 June). They believe that the government’s effort to reduce oil refinery margins was somewhat difficult, given that the margins are dictated by the global market. At the same time, the expense of operating the refinery itself is already high.
