This is getting out of hand.
Since July 2007, petrol prices have been increased 9 times! I
don't believe that this is simply a case of Global Economics and
has nothing to do with our infamous government increasing costs of
petrol. And so long as the people dares not speak up against such
blatant abuse and greed, all shall suffer in silence, and the
brain-drain continues unabated.
Increase petrol prices much further, and soon Means Testing may
have to be implemented to own a and drive a vehicle - commercial or
private!
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Caltex ups pump prices, others set to
follow
CALTEX petrol stations raised their pump prices on Tuesday, a move
seen as a precursor to hikes at other fuel outlets.
The increase - three cents a litre for petrol and five cents for
diesel - was the third since last month and the ninth consecutive
climb since July last year.
It brings a litre of petrol to as high as $2.316 and diesel to
$1.663 a litre before discounts. Caltex is operated by United
States oil giant Chevron. Other oil companies with petrol stations
here - namely Shell, ExxonMobil and Singapore Petroleum Company -
are expected to follow Chevron's move in the next few days.
If they do, a three-cent hike in petrol prices will cost Singapore
drivers a total of $27.5 million a year.
Petrol prices have risen by more than 55 cents a litre since the
beginning of last year. Drivers here have seen their fuel bill
inflate by more than $500 million in just over a year - or an
average of just under $1,000 per car owner.
The pump adjustment came swiftly on the back of record crude oil
prices, which crossed US$117 (S$157) per barrel on Monday, before
dipping to around US$115 on Tuesday. It was averaging US$50 a
barrel in January last year.
Monday's rise in crude prices has been blamed on fears of supply
disruptions. A Japanese oil tanker was reportedly attacked off
Yemen and pipelines in Nigeria have been bombed repeatedly by a
rebel group there. Observers foresee oil prices breaching US$120 in
the next few weeks.
Singapore residents are not the only ones affected. In the US,
the world's biggest fuel consumer, petrol is now averaging 77 US
cents a litre and diesel 92 US cents a litre. Both are record
rates.
In Britain, the average price of a litre of petrol now stands at
1.08 euro (S$2.80). Diesel set another record of 1.18 euro a
litre.