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7/09/2008

Oil price down by US$5!

Oil price took a knock and ended at US$136, a $5 fall. We must demand that petrol prices be cut immediately by at least 10c a litre. The petrol companies have been very prompt in raising their pump prices. It is time that they be equally prompt to cut their prices. If not, CASE better step in immediately, not to ask questions, but to insist on an immediate cut. With Iran willing to talk on its nuclear programme, the pressure for oil price to go up is lesser as the mad men in White House have lesser reasons to attack Iran. And speculators are going to run for cover.

5 comments:

Mockingbird said...

When oil price goes up, petrol pump prices quickly follow suit. But when oil price comes down, petrol pump prices hardly ever come down. Petrol companies drag their feet whenever they are expected to adjust their pump prices downwards following a fall in the price of crude oil.

Anonymous said...

What to expect from a unofficial cartel?

Mockingbird said...

Precisely. Oil pump prices have been rising since July 2007. And each increase is about $0.05. After one year, petrol prices is revised downwards by a mere $0.04. What kind of solace does such a revision offer?

Windbreaker said...

My colleagues told me today that she heard from radio broadcast from overseas that petrol might rise up to $8 per litre in the future.

So that's even more shocking news.

redbean said...

it will if the mad men in washington unleash the israelis to attack iran. and let that be the mother of all battles. iran is not iraq. let the iranians drop one or two nuclear bombs on israel. then they will know that war is not an answer to solving internationa problems.

playing with fire.