When crude prices come down, shouldn't pump prices also drop?
Letter from RAYMOND LO WAN MOU
SINCE last year oil companies have raised pump prices a number of times.
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It is fine if they do it when oil prices go up, but they should be equally quick to lower pump prices when crude prices come down.
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However, this is not the case with oil companies here.
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Countries like the United Kingdom lower pump prices as soon as crude prices come down. Singapore should do likewise.
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Oil is a strategic commodity affecting the livelihood of all and sundry.
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To the poor and those from the low-income group, the impact of rising prices can be unbearable because of the spillover effects on other goods and services.
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Yet when crude prices come down, as they have in recent days, oil companies here do not seem to react accordingly. Why the slow reaction?
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Where can riled Singaporeans turn to for answers?
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Petroleum companies should be mindful of their responsibilities towards the man in the street.
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We are not asking for "handouts", we just want fairness.
