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ST Forum: Oil Prices Down, But Pump Prices Still High


Vulcann
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From ST Forum:

 

http://www.straitstimes.com/STForum/Story/...ory_800580.html

 

Oil prices down, but pump prices still high

Published on May 19, 2012

 

OIL prices have dropped by an average of 10 per cent since April, but the prices of petrol and diesel, as well as liquefied petroleum gas (LPG) cylinders for home use, have not seen a similar decrease.

 

Meanwhile, major oil companies are posting multibillion-dollar profits for their first quarter this year.

 

I wonder why the Consumers Association of Singapore has been silent about the development.

 

Interestingly, in July 2008 when the Brent crude price was US$147 per barrel, our pump price for Mogas 95 unleaded was $2.236 per litre before discount.

 

On May 8 this year, the Brent crude price was down to US$111.24 per barrel, while our pump price for Mogas 95 unleaded was $2.17 per litre before discount.

 

What's more, over the past four years, the Singapore dollar has strengthened against the US dollar, from 1.55 to 1.25.

 

So I am baffled as to why consumers here are paying so much more for their LPG, petrol and diesel.

 

David Goh

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(edited)

Great, they had finally spoke but then again... [rolleyes]

 

From ST Forum:

 

http://www.straitstimes.com/STForum/Story/...ory_805199.html

 

No drop in pump prices: Case seeking explanation from oil firms

Published on May 31, 2012

 

WE THANK Mr David Goh for his feedback ('Oil prices down, but pump prices still high'; May 19).

 

We made several direct representations to the petrol companies on lowering fuel prices, and were given to understand that various factors other than crude oil prices influence retail pump prices.

 

We have also written to these companies to seek an explanation for the absence of a significant drop in prices despite the fall in oil prices, and are waiting for their response.

 

We urge petrol companies to explain their cost structures in a transparent manner to help the public understand why reductions in crude oil prices do not lead to proportionate or corresponding cuts in retail pump prices.

 

Seah Seng Choon

 

Executive Director

 

Consumers Association of Singapore (Case)

Edited by Vulcann
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I think crude price is now ~$104.00....very low level.

 

By right.....ron98 should be below $2.

 

I m sure the price will fall today.....just because CASE has asked nicely.

Fall by how much? By right should fall 10cents at least to justify the low crude price!!!

 

 

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Supersonic

I think crude price is now ~$104.00....very low level.

 

By right.....ron98 should be below $2.

 

I m sure the price will fall today.....just because CASE has asked nicely.

Fall by how much? By right should fall 10cents at least to justify the low crude price!!!

But by left petrol companies would wait for the price to go up again, and then increased price. If petrol companies really so good to reduce their price low low, then they would never able to get such a high profits and bonus! <_<

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Sometimes I feel this is a show put up by CASE, they ask publicly so that it shows they did their job, then oil companies reply saying their price is peg to future oil prices+ increasing operating cost + whatever reasons they come out with. Then CASE will just accept it, and we consumers lan lan suck thumb..

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Unlikely the prices will drop.

 

Even if there is going to be a drop, it is going to be such a small amount that it becomes very negligible to consumers.

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Great, they had finally spoke but then again... [rolleyes]

 

From ST Forum:

 

http://www.straitstimes.com/STForum/Story/...ory_805199.html

 

No drop in pump prices: Case seeking explanation from oil firms

Published on May 31, 2012

 

WE THANK Mr David Goh for his feedback ('Oil prices down, but pump prices still high'; May 19).

 

We made several direct representations to the petrol companies on lowering fuel prices, and were given to understand that various factors other than crude oil prices influence retail pump prices.

 

We have also written to these companies to seek an explanation for the absence of a significant drop in prices despite the fall in oil prices, and are waiting for their response.

 

We urge petrol companies to explain their cost structures in a transparent manner to help the public understand why reductions in crude oil prices do not lead to proportionate or corresponding cuts in retail pump prices.

 

Seah Seng Choon

 

Executive Director

 

Consumers Association of Singapore (Case)

 

They only URGE, can they investigate and take actions if they have evidence of collusion eg sanctions or legal penalties? Or will they even investigate to begin with?

 

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The CASE of Singapore is for show only. Not like the one they have in taiwan. They can demand not urge the petrol company to justify the price.

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Before ya all get all excited about it, despite CASE's best efforts & our constant [furious] the petrol companies have time and again stressed in no uncertain terms that crude oil trading price is just part of their overall costs so any reduction of the crude oil trading price does not necessarily mean a corresponding drop in the pump price.

 

There.

 

Can start applying for plump corp comms posts in any petrol company liao since I have truly mastered the art of cannotconvinceyouconfuseyou-ism. [rolleyes] [rolleyes]

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The CASE of Singapore is for show only. Not like the one they have in taiwan. They can demand not urge the petrol company to justify the price.

If not wrong one have to pay to become member of CASE for them to take action on yr behalf

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Sometimes I feel this is a show put up by CASE, they ask publicly so that it shows they did their job, then oil companies reply saying their price is peg to future oil prices+ increasing operating cost + whatever reasons they come out with. Then CASE will just accept it, and we consumers lan lan suck thumb..

Actually there is NO CASE! [rolleyes][rolleyes]

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Turbocharged

Forget it ar.. wont drop even a cent.. go JB better..

 

 

yup. Perhaps Msia will reduce price of Ron97 in June? :D

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Neutral Newbie

The Oil Companies are said to face some of the sequences occurred had this comment or complaint proved this as the oil refineries are makes money with out bothering about the people. Some of the best reasons for this is the Oil companies will only care for their profits and don't care how bad their work destroys the world, ozone or world life. Though their CEOs have small penises and thus overcompensate by crapping on the little people to make as much money as possible.

 

 

 

 

bakken oil companies

north dakota jobs oil fields

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Other than the crude oil prices, pump prices are pegged to other operating costs....

 

...and this include staff salaries & bonuses...

 

Haha [laugh] [laugh]

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