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fnWEB - Bangkok - April 22, 2004 - Energy Minister Prommin Lertsuridej yesterday conceded global oil prices were higher than expected and the government might need to raise the capped price of retail fuel to ease the Oil Fund's burdens.
He said fuel prices in the world market remained high with Dubai crude oil priced at US$32.50 per barrel.
Previously, the government expected the Dubai crude prices would stand at a range of $22-28 per barrel.
The higher-than-expected prices had forced the government to spend more than 6 billion baht capping the retail oil prices in the past 101 days or since 10 January.