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Petrol prices has risen again

Not surprisingly, petrol prices has risen again, supposedly sparked by fresh fears of a ban on Russian oil.

The price of the popular 95-octane petrol has risen from $3.03 and $3.11 to $3.07 and $3.19, before discounts. Supposedly, the rise is due to an increase in cost – the Benchmark Brent crude has inched towards a 3-week-high of US$113 a barrel.

Yet, despite the high price of crude oil, fossil fuel companies like Shell and BP have been announcing record profits in 2022.

In an effort to uncover the anomaly, economic sociologist Lindsay Owens and her team attended hundreds of earnings calls of big corporations, where by law, they have to be truthful.

The corporations reported that inflation, rather than reducing their profit margin, has provided them with the perfect cover to raise it! This is especially so in industries controlled by a few big players and in products that are inelastic, ie, with few or no substitute.

Dishing out reasons like the pandemic, supply chain disruptions, the war in Ukraine and now the banning of Russian oil, would suffice to shut the bewildered customer.

British petroleum company Shell announced their quarterly profits on Thursday, posting a record $9.1 billion in earnings. That’s compared to $6.4 billion in the fourth quarter of 2021.

Although Shell posted the highest profits, other major oil companies also announced major gains.

If these companies are profiteering under the cover of inflation and thereby exacerbating it, shouldn’t the government step in to stop such unethical practices and protect the people?

 

Foong Swee Fong

 

 

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READER COMMENTS BELOW

13 Responses to “Petrol prices has risen again”

  • MarBowling:

    One of the Great and insightful comments by Lee Kayu before he met his Maker: what’s wrong with collecting more $$$$$$$$$$$$$$$$$$$!

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  • myfirstscrew:

    Two major factors to Singapore most expensive oil prices in the world:

    1. Rental lease more than $100M for 30 years
    2. Petrol tax – this was introduced when oil was near $0 a barrel but never taken off

    If Malaysia can sell oil at $1+ and Indonesia or rest of ASEAN can sell at low prices to their almost near 100M population, you tell me the PAPPY is reaping us off?

    And 61% voted them to screw us deeper.

    Remember:
    1. Our Utility prices also near world highest
    2. COE also near $100k

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  • GreedKnowsNoBounds:

    Food prices going up by the week..
    Cant this mil$ sgov do something…esp for essential food & medical services..
    What greed is this that charging gst on all our hospital and medication bills..? ..and simple food items too..
    People rich or poor need to eat & seek mefical attention…its not a luxury like you ministars!eg KBW $8 heart surgery!
    Whilst ordinary folk are having to dig deep to pay out of pocket cash cuz of the the medisave & medishields “scams” that doesnt shield you when you need it!
    Daylight Robbery…

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  • C’est la vie:

    ******
    , ………. but, but, but, ain’t this government, SG Inc after all, and just like all ginormous corporations, … the objective is obscene profiteering and what’s with “protecting the people”, when these very “people” are their willing “paymasters” !!!

    Barking up the wrong tree really !!!
    ***
    ******

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  • illiterate pap voters:

    Take a weekly break.

    Cross the causeway.

    95 petrol is 95 petrol.

    Paying more for 95 petrol never means getting more octane.

    If anyone notices, petrol in pap island rises very fast but falls very slowly.

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  • Leflation:

    This govt also wants a BIG SHARE of the profit by

    Increasing gst……..increasing operating costs by taxing foreign workers working in shell……

    The cashier from the petrol pump ! Frequent comes from Johore!

    We need an OMBUDSMAN!

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  • Dr Tan Tai Wei:

    “Market forces” can be unjust? But that’s the yardstick claimed when justifying high CEO and Ministerial pay? PAP began with “democratic SOCIALISM”, meaning to rectify the injustices of capitalism and its market forces, but within the context of democracy, as freedom also matters. And so the young LKY said he remained unperturbed even as he regularly conversed with CEOs of companies whose salaries were so many times more than his. And he rightly expected the sacrifice to be honoured and exemplary? But what has happened since then?

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  • P Against People:

    shouldn’t the government step in to protect the people?

    hahaha hahaha

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  • Eddie Tan:

    Why are we backside itchy to follow the west to impose sanctions on Russian oil to kill our citizens or shoot our feet??!! Don’t we have our own brains & neutrality like our Asean neighbors to think for ourselves rather than follow the West & developed countries?? Now with sanctions, oil and every other things increase at the expense of its citizens!!!

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  • But:

    But COE prices still up .

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  • COL going up:

    COL is going up…
    Need to step in to bring the essential items costs affordable for the Mass.
    It affect the bottom 50% most.
    They are suffering….Time to do something for these poorer group among us.

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  • xoxo:

    When crude oil price dropped,even below par,how come pump prices stayed propped at high level$?

    So,if war over n Russia supplies increase,will pump prices drop back to NORMAL?

    Guess not,other EXCUSES WILL BE MANUFACTURED.

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  • OMG:

    Hello Malaysia. Our good old neighbour. Please supply us oil and gas.
    Hello Indonesia. Please sell us oil and gas.
    Hello Vietnam, we are ASEAN . Load some oil and gas to us.
    Hello Brunei. Why you have forsaken us? Aren’t we brothers . Please pity us and give us your oil and gas.

    So our government no need to buy from Russia. So far away? Transport cost money.
    We already used our piggy bank money to make ends meet during the Covid pandemic. We suffered 30 months of hardship.
    Please have pity and mercy on us. If not, we don’t want to friend all of you anymore.

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