Petrol up by 10 cents ahhhhhhhhhhhh
-
Pump prices up by 10¢ a litre
15% rise in wholesale prices leads to all-time highs, say oil giants
By Christopher Tan
PETROL and diesel prices at the pumps soared to all-time highs yesterday, with oil giants Shell and ExxonMobil raising rates by 10 cents a litre - the single biggest rise in recent times.
With the hike - which remaining players Caltex and Singapore Petroleum Co are likely to follow - diesel has reached $1.37 a litre before discount. This record high is almost double the price in 2004.
For petrol, 92-octane is now $1.802 a litre before discount at Shell and ExxonMobil stations, which account for two-thirds of the network here. The 95-octane grade is $1.834 a litre and 98-octane is $1.917 a litre - one cent off last August's record, when prices were whipped up by Hurricane Katrina.
But Shell's ultra-premium grade V-Power is now $2.03 a litre - four cents higher than its previous record of $1.99 during the Katrina-induced oil shortage.
A 10-cent increase in pump prices translates to $1.25 million more a day for Singapore's motoring and transportation expenses, based on daily pump sales of 12.5 million litres.
Shell and ExxonMobil said they had no choice, as wholesale prices had risen by up to 15 per cent in the last three weeks.
'The US-Iran tension and the start of the summer driving season in America are putting pressure on crude oil prices,' a Shell executive said. 'We don't see it easing.'
Oil industry consultant Ong Eng Tong disagreed. He said current high wholesale prices were also partly a result of several refineries halting production to undertake maintenance. These refineries usually 'come back on line' in May, he said.
Cold comfort to consumers now, especially taxi drivers.
'There's really nothing we can do,' said 58-year-old cabby Daniel Chung, who spends about $600 a month on fuel.
'Even if it goes up by $1, we still need to use it. The question now is how many of us can survive.'
Cab companies currently have no plans for any new relief measures beyond the discounted diesel they sell to their drivers.
Another taxi driver, Mr Tony Lim, 56, said: 'The authorities should really consider allowing us to apply fuel surcharge, just like the airlines. My monthly income has fallen by $500 from two years ago.'
The Straits Times Interactive
http://straitstimes.asia1.com.sg
Copyright ©2005 Singapore Press Holdings Limited. All rights reserved. -
looks like s.h.i.t is near hitting the fan....
-
oh .great .tamago
-
i think our car, motorcycle, bus, taxi, electricity fares will go up....... no doubt.
-
so what is the newest price of petrol now?
last pump was 1.817 i think.
-
Don't forget that everytime the oil companies raise the price, the gahman increase the petrol tax as well.... vote opposition, you have nothing to lose and everything to gain.
-
wooohooo! long live the pap!
-
You don't drive one right... you very evil....Originally posted by ditzy:wooohooo! long live the pap! 
-
all china fault! vying the oil market!
-
Not all... US president Bush also, ..... he thinks that the way to fight muslim terrorist is to get rid of the oil profits from muslims countries once and for all...Originally posted by kingofbeholder:all china fault! vying the oil market!
the way to do that is to go nuclear but with cheap oil, there will not be political support for nuclear power...
with oil at this price, plans for new nuclear plants are being proposed again. -
TMD
got up no down. -
growing econs mah...cant be help....Originally posted by Ah Cek:TMD
got up no down. -
continue in Cars forum