Petrol price hike again
Oil price hits US$111. A good and justifiable reason to hike petrol prices. Is it? If I am not mistaken, oil prices are traded using US$. We are paying in S$. S$ is appreciating against US$. The petrol price hike is in S$. Are the price hike justifiable? Is CASE looking into this to make sure consumers are not taken for a ride and petrol companies are not profiteering? Can any thing be done to absorb the price hike? With a higher base price for petrol, revenue from petrol tax and GST will go up proportionally. Can this be adjusted to absorb the hike? Oil price cannot be controlled by us, external factors. But taxes are within our control. Or are we looking forward to another pleasant surprise of budget surpluses next year?