Please, Please drop the petrol price !!!
The National Development and Reform Commission (NDRC) of China, announced on January 13th 2007 that it would cut the wholesale price of gasoline (petrol) by 220 yuan (28.21 U.S. dollars) per ton and the price of kerosene by 90 yuan (11.54 U.S. dollars) per ton. "The local price cut that took effect (on Sunday) was necessary and well-founded because crude prices have declined......" NDRC told China Daily yesterday.
World crude oil prices has been steadily on a downward trend from the height of USD 75 a barrel in June 2006 to USD 50+ per barrel. The current oil price is the lowest since the previous 19 months. I am not an economist, but looking at the trends and moving averages, most likely, in the longer run of next 2 - 3 years, the world oil price will continue to slide to mid - USD 40s. In the mean time, our Malaysian Ringgit has also strengthened against the USD. Since the world oil price is pegged using UD dollars, the petrol price should now be even cheaper for Malaysians.
Since the retail prices of petroleum based products are controlled, when are average Malaysians going to enjoy the decency of lower petrol and derivatives' prices. I hope, since Malaysia is a net exporter of oil, the government would not resort to the reason of declining income as a result of declining oil prices to justify for the stay of current prices.
Head you win, tail I lose ? What's yours is yours, what's mine is up for grabs ? Arroganomics 101 ?
World crude oil prices has been steadily on a downward trend from the height of USD 75 a barrel in June 2006 to USD 50+ per barrel. The current oil price is the lowest since the previous 19 months. I am not an economist, but looking at the trends and moving averages, most likely, in the longer run of next 2 - 3 years, the world oil price will continue to slide to mid - USD 40s. In the mean time, our Malaysian Ringgit has also strengthened against the USD. Since the world oil price is pegged using UD dollars, the petrol price should now be even cheaper for Malaysians.
Since the retail prices of petroleum based products are controlled, when are average Malaysians going to enjoy the decency of lower petrol and derivatives' prices. I hope, since Malaysia is a net exporter of oil, the government would not resort to the reason of declining income as a result of declining oil prices to justify for the stay of current prices.
Head you win, tail I lose ? What's yours is yours, what's mine is up for grabs ? Arroganomics 101 ?
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