Pump prices drop by 5 cents
Tuesday, October 7th, 2008 Tags: petrol price drop, singapore petrol pricePosted in News
Finally! Petrol & diesel prices have dropped for the first time in over 3 weeks. All petrol brands have reduced pump prices by 5 cents. Let’s hope that it continues to fall as crude oil prices dip further!
Editor’s Note: We apologise for the delay of this posting. Most of the team are currently out of town and have limited internet access. We thank our PetrolWatchers once again for sending us alerts.
October 8th, 2008 at 6:07 pm
The last time price of petrol was revised down was Sept 12. That day, crude oil was $101.
Today crude oil is below $87, a 14% drop.
So can we expect a equivalent drop od 14% from $1.94 (95octane) sometime?
That would be equivalent to $1.67
But we got a nominal 5c drop.
As usual, the petrol companies are sticky when revising the price down to pass some of the benefits to the consumer. This is a clear case of making excessive profit but can we do anything about it?
Same goes to SgPower who just raised our electricity prices 21% because of rising energy prices but I dont think they may pare down the rise even when their argument for higher prices dont hold anymore
October 9th, 2008 at 10:45 am
well, when the price goes up, business will go along so that they can make more profits since their current stock probably purchased much much cheaper… they will claim they run out of stock at the first 1 or 2 hours of the announcement, so that they can charge higher later..
but when the price goes down, business will ONLY go along when they CLEAR all their old stock since their stock are purchased in HIGHER price.. this the how they run it since decades ago..
we are happy that these businessmen DO reduce their price…
October 9th, 2008 at 1:32 pm
Oil companies are profiteering at the expense of motorists. CASE should investigate its pricing. Why oil companies acted in concert in moving up or down its price? If it is given formula, please publish it.
October 9th, 2008 at 4:45 pm
They (Power & Oil companie) collecting money for paying their CEO s big bonus at the year end. This tantamounts to roberry in day light of middle class population in Singapore. These people are gangsters when comes price hike. Here goes the list of recent hikes: taxi fare hike, public transport hike, electricity hike, frequent hike in oil products, newspaper price hike and lately Fixed telephone hike by Singtel. They help each other for robbing the middle class in Singapore. I hope Singaporeans will start thinking about a strong opposition from now onwards. Again the question is: how to vote for the opposition, if most of our constituencies are having walk over? Oh my God, what is this life in Singapore?
October 9th, 2008 at 4:48 pm
They (Power & Oil companies) are collecting money for paying their CEO s big bonus at the year end. This tantamounts to roberry in day light of middle class population in Singapore. These people are gangsters when comes price hike. Here goes the list of recent hikes: taxi fare hike, public transport hike, electricity hike, frequent hike in oil products, newspaper price hike and lately Fixed telephone hike by Singtel. They help each other for robbing the middle class in Singapore. I hope Singaporeans will start thinking about a strong opposition from now onwards. Again the question is: how to vote for the opposition, if most of our constituencies are having walk over? Oh my God, what is this life in Singapore?
October 10th, 2008 at 8:22 am
I agree with all those comments made by my fellow bloggers.But would someone write in the newspaper to highlight abt it.Since crude oil drop below $90 dllrs. i would have expected the prices drop by ten cent or more.. but instead its meagre 5 cents.. but if crude oil were to go up.. they r quick to raise the prices.When crude oil rise.. they increase by 5 cents or even 10 cents.. but when crude oil drop.. usually they lower it by 3 cents.. only recently they drop it by 5 cents.. Btw theres no point in having 4 different companies since their prices are all the same.. may as well they merge cos their are not competiting with pump prices..So ridiculous
October 10th, 2008 at 9:40 am
Brent crude is hovering around $81 to $82 per barrel as of today and all we get is 5 cents reduction?? Sooner or later, Singaporeans are going to wake up and realize they cannot go on and just take every price hike that comes along and accept it. Look around you, countries around us, whenever there is a unjustiable price hike, people take to the streets and protest about it….. What do Singaporeans do? Oh, 5 cents increase, 7 cents increase? Never mind, just bitch about it and yet happily get screwed and do nothing about it….. All this C.A.S.E., Unions are only for show…. like they really care how you are suffering at the grassroots level….. Economy recession, stocks taking nosedive, energy prices are plunging, companies need staff to take paycut, but yet Singapore special, everything still continuing to increase in price, energy bills go up by 20 percent, Singtel bills also increasing, everything is going up due to “inflation”…. So let me see if I get this right, pay adjustment is stagnant or minimal during strong economy, but need to take paycut when economy recesses, but everything continues to increase in price…. how does this formula work? I don’t quite get it…… If nothing is done, life here is going to be worse than hell….
October 11th, 2008 at 1:06 pm
I think its time we protest big time man. Someone or at least everyone should write in to the papers about this. Lets get heard! Let the PW Community show the way! Comon guys, lets call write or email to the press to hear us. This is getting more and more ridiculous by the day!
October 11th, 2008 at 8:29 pm
Complaining is useless…only a sharp drop in sales will work.
I have simply cut down on my usage…only for transport to work..all leisure trips are now by bus or simply cancelled.
If every single driver can reduce their usual spendings by $20-$50 , the petrol companies will be forced to make more substantial drops instead of a few cents.
October 12th, 2008 at 9:01 pm
I think it is appropriate for CASE to comment on this issue since oil companies are acting in concert. If found to be profiteering, license should be suspended for 2 weeks to deter profiteering.
October 15th, 2008 at 11:21 am
Crude Oil has fallen to $78 as of today. This means that demand for oil has fallen.
If motorists in SG thinksthey are getting a good deal as a result of the 5c drop, then the petrol company will have no incentive to revise their price.
This is not so in the US where motorists make their demands felt and petrol stations actually compete for business. Generally their pump prices reflect the world oil market.
In Singapore we have an oligopolistic market so price competition is practically non existent.
You get cheaper pump prices if you the motorists consume less petrol so the petrol companies will have to revise the price down to encourage more consumption.
October 15th, 2008 at 12:44 pm
I saw an article in the Straits Times Forum requesting CASE to look into the matter.
Aside from angered by the oligopolistic approach practice by oil companies here, CASE (Govt.) does not seem to bother to address this issue. Maybe, it is better to have an opposition to speak for Singaporean in Parliament. Opposition should jump into this opportunity to gain political mileage with the public.