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LoginPump Petrol Prices Down
23 posts
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Pump prices this afternoon (9 July 2008) at 1.30pm have been reduced by 4 cents a litre.
Current amount to get my tank to a full tank - $138.00.
This reduction amount was based on the oil price in the beginning of June. (June futures contract for delivery in July).
Expect another reduction soon in the coming month as oil prices tumbled US$6.00.
Slightly good news for us.
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Well yes - they raised it over the past weekend by 5 cents but a reduction at least does show that they're not over profiteering.
Also - it's good to hear at least there's some sort of stabilization in the price due to a price drop for light sweet crude futures contracts.
Better to have it reduced then seeing it climb right? :)
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Pump prices are tagged to crude oil futures on NYMEX and there is no basis for any increment should pump prices continue to tumble; so your statement holds no stance.
Futures have dropped further to US129.84 and pump prices should see another drop between 3-4 cents a litre relatively soon.
Unless crude oil pushes its way through US145 again, local pump prices should stay stable.
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Based on my driving experience, I have never seen a double digited price increase. The highest so far I had seen was a 6 cent increase sometime in May-June when record oil prices kept topping the chart.
At least the petrol companies are doing something to keep their pump prices as realistic and in tandem with world market conditions.
It would be a little difficult for me to comment on public transportation's pricing but perhaps I could do a little justification for why such fares have been on the rise.
Crude oil had nearly increased by 100% in July as compared to the same period as the last and that public transportation companies only have the opportunity to propose fare amendments once a year as compared to petrol companies which have the jurisdiction to allow their pump prices to move in tandem with market conditions.
There are other reasons - but the way public and private listed companies operate, well, a monopolisation of the mass market is always bad.
Not just here, but evident elsewhere in the world.
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