I refer to the letters “Plunging oil prices have not helped consumer” (Jan 29) and “Petrol firms sensitive to crude price hikes but not drops” (Jan 31).
Of greater concern to most of us, surely, is whether or not international petroleum companies that have huge amounts of capital for investment and can set prices for themselves in different countries are too big to handle.
Recently, the Trade and Industry Ministry appeared to rationalise on behalf of petrol companies why pump prices fell by a smaller percentage than the drop in crude oil prices. (“S’pore will ‘benefit from lower oil prices’”; Jan 20)
It was said that the fuel component of pump prices is not determined by the price of crude oil, but the price of refined products. It is difficult for the man in the street to understand this statement.
Of greater concern to most of us, surely, is whether or not international petroleum companies that have huge amounts of capital for investment and can set prices for themselves in different countries are too big to handle.
Recently, the Trade and Industry Ministry appeared to rationalise on behalf of petrol companies why pump prices fell by a smaller percentage than the drop in crude oil prices. (“S’pore will ‘benefit from lower oil prices’”; Jan 20)
It was said that the fuel component of pump prices is not determined by the price of crude oil, but the price of refined products. It is difficult for the man in the street to understand this statement.
