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Refinery stocks fall on concerns over fuel fund contribution

Oil refinery stocks fell sharply on Friday with potential losses of between 17-43% in net profits this year after the government asked for the cooperation of companies to channel their profits into the Oil Fuel Fund for three months from July to September to help control fuel prices.

The government is expecting profits from three kinds of businesses: diesel refineries, gasoline refineries and separation plants. Diesel refineries are expected to contribute 5-6 billion baht per month, while gasoline refineries are expected to contribute 1 billion per month. Gas separation plants are to contribute 50% of their excess profits, valued at about 1.5 billion baht per month.

Trinity Securities views any state intervention as causing negative sentiment for the stocks. However, the refineries could choose to not comply because the term “asking for cooperation” suggests it is…

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