Crude Oil Price drop and reduce the price of RON 95 as well
SINGAPORE (AP) — Oil hovered above $79 a barrel Wednesday in Asia after a report showed a surprise increase in U.S. crude supplies, suggesting demand remains weak. Benchmark oil for August delivery was down 12 cents at $79.24 a barrel
Crude has fallen to near eight-month lows from $106 less than two months ago crude to soon drop to as low as the mid-$60s. heating oil was down 0.1 cent at $2.57 per gallon while gasoline futures slid 1.1 cents at $2.51 per gallon. So the oil price is crashing all over the world.
Actually oil prices have been going down for some time. On June 7th the price of RON97 was cut 10 sen per litre from RM2.90 down to RM2.80.
The price of RON 95, has NOT been reduced. Why? The bulk of petrol sold (by volume) has to be RON 95.
Now the price of oil is crashing all over the world. They are now already predicting oil at USD60 per barrel. Some analysts say even USD50 per barrel is possible this year.
This means it will be a terrible time for the oil industry and the oil and gas business. Folks say the cost of production of oil is now above USD45 per barrel. Even if oil hits USD60 per barrel, the entire oil industry is going to suffer really, really thin margins. If oil price hits USD50 per barrel.
Anyway, the price of oil is dropping, Can the government reduce the price of RON 95 as well. -mole (syedsoutsidethebox)