Thailand’s total vehicle sale is expected to reach forecasted target despite higher oil prices, said Vehicle Industry Association president Suparat Sirisuwanangkul.

Mr. Suparat said he is confident that the domestic sale of vehicle would grow as targeted of 680,000 units while the export hits 770,000 units, up 20 per cent from last year, on hefty demand in Southeast Asia, South America and the Middle East.

He said small cars are also gaining popularity in the market.

Mr. Suparat, also an executive of Toyota Motor’s Thailand unit, said the company is planning to launch a CNG-retrofit vehicle in the third or fourth quarter this year.

However, this CNG-run vehicle, generally know as NGV; will be initially available only for taxi.

CNG price is currently 4-5 times cheaper than gasoline prices at the pumps.