The Energy Policy and Planning Office (Eppo) will consider adjusting the structure of ex-refinery fuel price on Apr 5.

The matter is still under deliberation and the new price structure has not yet been adopted. Domestic refineries base their selling price in line with global price mechanism plus premium, which has already been lower than the reference price. In our view, any change in the pricing structure is likely to cause only a slight drop in GRM for refinery business, while oil retail business, which uses a cost-plus formula for pricing, will not be affected.