I always feel that petrol price is a bit too high, I mean, RM2.70? No way! It's not that our world has no more supply, it's just that some are building up their refinery which cause the supply being tied up and therefore lack of supply in the market. Demand-supply theory, if the demand is more than supply, the price will go up, and it did.
However, I came across an article today that makes me happy.
Quote from thestar.com.my
"Oil prices, which had peaked at US$147 per barrel in July, fell below US$90 per barrel earlier this week."
"OSK Investment Bank acting head of research Chris Eng concurred that the price of the premium unleaded petrol (RON97) would be revised to between RM2.30 and RM2.35 per litre from RM2.45 currently."
"“We calculated the 10 sen to 15 sen reduction based on current world oil prices and we feel it is highly unlikely that pump prices for petrol would increase any further this year,” Eng said, adding that oil prices were expected to appreciate to about US$100 per barrel by the beginning of next year."
In short, pump prices for petrol and diesel are expected to be reduced by 10 sen to 15 sen by the beginning of next month. This means that, every 10 litre consumption, we would be able to save up to RM 1.00 to RM1.50.
Isn't it great? This means that we can buy at least 20 sweets from the saving for every 10 litre petrol consumption. =)
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