Singapore Petrol Price Watch - ALERT

[andy_sg]

I thought of setting up a topic for everyone to be updated on issues relating to petrol kiosks and promotions.

The last petrol hike was on 19th Jan 2011 when crude oil price is at $92.

However, I refer to the latest news:

Crude-oil futures closed at a nearly two-month low Thursday, weighed by disappointment over the latest round of U.S. economic data on jobs and durable goods demand. Oil for March delivery ended down $1.69, or 1.9%, at $85.64 a barrel,

In short, the crude oil price has fallen nearly $6 yet the local petrol kiosks has not decrease the petrol prices. Their intention is to make a massive profit as Chinese New Year is just around the corner. They knew people need to drive around to visit relatives.

So I wonder if there's any watchdog to ensure the prices are not inflated unfairly?

If government can implement 3 rounds of cooling measures for private property prices, why not petrol prices? There is a lack of consistency to consider the welfare of Singaporeans.

 

[etan1]

Re: Singapore Petrol Price Watch - ALERT

Slow to decrease, very quick to increase.

 

[achee]

Re: Singapore Petrol Price Watch - ALERT

I recall that the last time when petrol prices shot above S$2 per litre, the crude oil prices was at least above US$100 per barrel (highest was US$147 per barrel). As of current, crude oil prices have not reached that level yet.

 

[whymehor]

Re: Singapore Petrol Price Watch - ALERT

if its taiwan or hk, u already see ppl protesting on the roads waving banners naked...
for sg... life continues..

 

[Deadkookaburra]

Re: Singapore Petrol Price Watch - ALERT

the kiosk rather give you a short term cerdit card discount than adjusting down pump prices. Having said Esso is giving 18% for Esso/DBS plat card members until 31/1/11.

 

[powersteer]

Re: Singapore Petrol Price Watch - ALERT

So I wonder if there's any watchdog to ensure the prices are not inflated unfairly?

dun keep ur hopes up. chk out how Sing Power adjusts its energy price :roll:

 

[wt_know]

Re: Singapore Petrol Price Watch - ALERT

price FIXING and anti competition !!!
.
.
.
.
.
.
wait a minute .... it's called price MATCHING .... WTF !

 

[Oilman]

Re: Singapore Petrol Price Watch - ALERT

The economic term is "sticky downwards."

To be fair, pump prices follow wholesale gasoline prices and not crude futures. WTI is down 4% this week but the market is mispriced because of structural supply dislocations. If you look at London Brent contracts, prices have not fallen from last week.

But yeah petrol retailers here can be a liiitle bit selective in what they pay attention to and the watchdog is toothless and can't bite.

 

[andy_sg]

Re: Singapore Petrol Price Watch - ALERT

Every year towards Chinese New Year, 99.99% there's always a petrol hike. It has been proven last week.

I remember last year during this period, petrol prices also above $2 mark. It has been a 'SOP' to them.

Notably, CALTEX is usually the 1st company to take the lead and raise the pump prices.

 

[DrK]

Re: Singapore Petrol Price Watch - ALERT

Nevermind. Inflation rate is only nearing 5%. More room to edge higher. If monetary regulators are not doing anything, why should these petrol companies care? Die all the consumers, die!!! Nobody will weep for you.

 

[Ahbengdriver]

Re: Singapore Petrol Price Watch - ALERT

Has anyone converted their BMWs into CNG cars? Pls share. Desperate situations calls for desperate actions.