A social media-organised boycott of PTT petrol would not affect PTT, but would hurt the small operators who run 90% of PTT stations, the company's chief executive officer said on Monday.
PTT's profit would not be affected because petrol made up only 10% of total revenue and about 90% of 1,500 PTT stations were run by small-scale operators, CEO Tevin Vongvanich said.
The impact on these small businesses was what prompted PTT management to issue the clarification, he said.
Mr Tevin was reacting to messages and accusations being spread and shared on social media alleging poor service and high prices at the pump, and calling for a boycott. It was reported extensively by Thai media.
"If consumers reject PTT petrol because of poor service or fuel quality, it would be understandable. But if this comes from a misunderstanding, then we must explain," Mr Tevin said.
He denied claims on social media that PTT unfairly sold petrol at higher prices and would lay off many staff because of a boycott.
He said PTT never retailed petrol at prices higher than its competitors. Its pump prices were cheaper than its foreign competitors on nine days in the period April 6 to May 28, and on 20 days last year.
PTT's net profit of 130 billion baht last year was attributable to its huge investments, Mr Tevin said, generated by 2.3 trillion baht worth of assets and 2 trillion baht in sales. The return on assets was 6.7%, which was below average, he said.
PTT was opposed to high pump prices because it cared about consumer protection, he said.
PTT would take civil and criminal action against people who posted damaging sent messages and media damaging PTT.
