Are oil companies making hefty profits?
Oil price surges over the last few months. So petrol prices naturally go up. The people accept it. Whenever the price of oil goes up, within days, oil companies will raise their pump prices. The rising cost is passed to the consumers without fail. Have yet to see prices coming down when oil price comes down. T he oil companies is not only protecting their profits. At the same time they are likely to be making more profits along the way. Then there is the currency exchange which will add up to their profits. They buy in US dollars and sell to the motorists in the stronger Sing dollars. As long as the Sing dollar is strenthening against the US$, there is the extraordinary gain. Perhaps all these have been priced in and the petrol prices could be much higher. The petrol companies have passed their extraordinary gains to the consumers. Maybe.