Prasert Bunsumpun, chairman of PTT Global Chemical, said the global oil price in the next two to three years is expected to find its equilibrium by running from the present US$30-40 per barrel up to $60 per barrel, but this is based on the global economy continuing to expand.
If this happens, it is unlikely to significantly affect the local oil retail price. A global oil price of $60 per barrel would make the local retail price of diesel soar to only Bt25-Bt26 per litre.
However, businesses should make adjustments to use energy more efficiently.
The demand for energy in Thailand this year is expected to expand 2 per cent against forecast GDP growth of 3 per cent.
The global oil price is estimated to hover around $30 per barrel, given the glut in the world market.
But some petroleum companies are likely to be struggling amid the low oil price situation, which might open the way for mergers and acquisitions in the industry.
The market capitalisation of PTT and PTT Exploration and Production dropped by Bt500 billion combined over the past year.
"The government should also continue to pursue an overall energy price reform," he said.
The technologies that are tending to influence the oil industry more include advanced energy storage and advanced oil and gas exploration, which will make it easier to discover oil and gas, he added.
Boonchai Chokwatana, chairman of Saha Pathanapibul, the trading arm of Saha Group, said he wants to propose to the government to use populist policies to help low-income people.