Petrol Prices - Got Go Up how come never come down?
- Thread starter Hugo39
- Start date
Re: Petrol Prices - Got Go Up how come never come down?
write to Straits Times or CASE complain....i think they will maintain that despite drop in crude oil, other operating expenses remain high.....then few days later, they will drop a few cents lo.....keke
its just like my schooling days, last time SBS up their price, they said cos of Iraq war and Saddam Hussein. War finish, prices never go down, only continue to go up.
yet u look in their Annual AGM, their Profit and Loss....keke
write to Straits Times or CASE complain....i think they will maintain that despite drop in crude oil, other operating expenses remain high.....then few days later, they will drop a few cents lo.....keke
its just like my schooling days, last time SBS up their price, they said cos of Iraq war and Saddam Hussein. War finish, prices never go down, only continue to go up.
yet u look in their Annual AGM, their Profit and Loss....keke
Turbonetic
Well-Known Member
Re: Petrol Prices - Got Go Up how come never come down?
Just dropped $0.05/L today.
Just dropped $0.05/L today.
adrian26
Active Member
Re: Petrol Prices - Got Go Up how come never come down?
It's technically incorrect to say that a lower crude oil price will lead to lower prices at the pump. That's because you're not paying for crude oil at the pump, but the gasoline that is refined from the oil. So petrol prices are only partly linked to crude oil price, which is the most visible number you see in the papers or on CNBC or Bloomberg TV. It's actually the gasoline price that is the more important figure to follow but this is not easily available to the man on the street since its quoted by select exchanges or by 'over the counter' trades.
To give you an example of how oil prices and gasoline prices can diverge, the latest two hurricanes to hit the US took out a bunch of refiners. So gasoline prices in Asia and the US spiked up about US$10/bbl (actually much more in the US) in the past couple of weeks. But at the same time, crude oil prices have fallen because of global recession concerns, etc etc.
The other thing you have to take into account is that Singapore imports most of its oil from the Middle East and it takes about 30-40 days for the oil to get here. And once you refine that oil, maybe say another 5-10 days assuming you don't just put it into your storage tanks, you're talking about a price effect that takes the better part of 2 months to affect the consumer.
Apologies for the length...
It's technically incorrect to say that a lower crude oil price will lead to lower prices at the pump. That's because you're not paying for crude oil at the pump, but the gasoline that is refined from the oil. So petrol prices are only partly linked to crude oil price, which is the most visible number you see in the papers or on CNBC or Bloomberg TV. It's actually the gasoline price that is the more important figure to follow but this is not easily available to the man on the street since its quoted by select exchanges or by 'over the counter' trades.
To give you an example of how oil prices and gasoline prices can diverge, the latest two hurricanes to hit the US took out a bunch of refiners. So gasoline prices in Asia and the US spiked up about US$10/bbl (actually much more in the US) in the past couple of weeks. But at the same time, crude oil prices have fallen because of global recession concerns, etc etc.
The other thing you have to take into account is that Singapore imports most of its oil from the Middle East and it takes about 30-40 days for the oil to get here. And once you refine that oil, maybe say another 5-10 days assuming you don't just put it into your storage tanks, you're talking about a price effect that takes the better part of 2 months to affect the consumer.
Apologies for the length...
Bison
Well-Known Member
Re: Petrol Prices - Got Go Up how come never come down?
As usual, double standards, their game. Consumers are always at the losing side. CASE should have set guidelines to regulate their operations.
Crude oil at the peak of US$147 per barrel, now price fluctuating between US$90 to US$100, that is more than 50% drop in price. Our pump price adjusted less than 10% from the peak. I really cannot think of any excuse they can give to sustain the pump price.
hoks;380711 said:
As usual, double standards, their game. Consumers are always at the losing side. CASE should have set guidelines to regulate their operations.
Crude oil at the peak of US$147 per barrel, now price fluctuating between US$90 to US$100, that is more than 50% drop in price. Our pump price adjusted less than 10% from the peak. I really cannot think of any excuse they can give to sustain the pump price.
adrian26
Active Member
Re: Petrol Prices - Got Go Up how come never come down?
I just had a quick look at SPC's pump price back on 4 January 2008 and for 95RON, it was $2.006 per litre versus the Dubai oil price US$92.08/bbl and gasoline at US$106.41/bbl.
As of 12 September, SPC's pump price was $1.946 while Dubai was at US$96.81/bbl and gasoline was $108.24.
And forex for the two dates was 1.433 on 4 Jan and 1.4356 on 12 Sept so not much difference there.
FYI, I don't work for SPC (or any oil company) so don't call me an apologist for them!
I just had a quick look at SPC's pump price back on 4 January 2008 and for 95RON, it was $2.006 per litre versus the Dubai oil price US$92.08/bbl and gasoline at US$106.41/bbl.
As of 12 September, SPC's pump price was $1.946 while Dubai was at US$96.81/bbl and gasoline was $108.24.
And forex for the two dates was 1.433 on 4 Jan and 1.4356 on 12 Sept so not much difference there.
FYI, I don't work for SPC (or any oil company) so don't call me an apologist for them!
Darth-khips
Well-Known Member
Re: Petrol Prices - Got Go Up how come never come down?
ask govt to reduce or cancel or suspend pump taxes n gst for petrol. that would have immediate effect.
other countries, citizens get subsidy for petrol on top of lower prices. in singapore, u get higher prices plus taxation.
ask govt to reduce or cancel or suspend pump taxes n gst for petrol. that would have immediate effect.
other countries, citizens get subsidy for petrol on top of lower prices. in singapore, u get higher prices plus taxation.
