Oil and gas giant PTT Plc on Thursday came out to defend itself against all accusations against it, saying the attacks by a group led by Bangkok senator Rosana Tositrakul and critic ML Kornkasiwat Kasemsri were biased and only half-true.
Chief executive Pailin Chuchottaworn, said the group has misled the public about the price of liquefied petroleum gas (LPG), or cooking gas, sold to the petrochemical and household sectors.
The group has staged street demonstrations in front of PTT's headquarters and the Energy Ministry since the end of last month to protest against the LPG price float for the household sector.
Mr Pailin said yesterday the protesters claimed LPG was sold to the petrochemical sector at a cheaper price of 17.3 baht per kilogramme, but in fact that particular figure excludes tax and contributions to the Oil Fund.
Meanwhile, the household sector LPG price of 18.1 baht per kg already includes tax and the fund's levies, Mr Pailin said.
He acknowledged that the LPG sold to the household sector has been capped at 10.2 baht per kg, but when combined with tax and the fund contribution of 7.9 baht, the final price comes to 18.1 baht per kg.
In the petrochemical sector, the global market price was quoted at 17.3 baht per kg during September 2012 to June this year. But he said the group intentionally avoided including the fund contribution of 2.2 baht, which brings the price to 19.5 baht per kg.
"This is a half-truth they told the public and repeated many times until some groups of people believed this information to be true," Mr Pailin said.
Regarding the accusations that PTT and local refineries have enjoyed huge profits from selling petrol at an average price of 40 baht per litre, while imports are quoted at only 25 baht, Mr Pailin said 80% of the retail oil price comprises cost and the rest is taxes and contributions to the Oil Fund, which the protest group decided not to mention.
"Every time our staff and energy officials are invited to defend our actions about the energy price structure, the leaders of the protests always walk away. Then they make the same accusations to the public, again and again, without using correct information provided by our staff," Mr Pailin said.
While the protesters have told the public that Thailand's crude oil production reached 1 million barrels per day (b/d) with huge domestic oil and gas reserves, Mr Pailin clarified that crude oil from domestic resources averaged only 146,000 b/d last year, while imports reached 862,500 b/d.
"We are living in an ignorant society led by a group of people with the wrong viewpoint," Mr Pailin said.
As for the accusations that PTT has taken advantage of public suffering to the tune of more than 100 billion baht in profits, Mr Pailin said PTT recorded net profits of 104.67 billion baht in 2012 but when compared with total sales of 2.79 trillion baht, its profit ratio was only 3.7% of sales compared with 11.2% for Chevron and 5.5% for Shell.