Dear Editor,
Can someone please explain to me as a layman why we haven’t benefitted from the retreating world oil market prices at our local pump stations?
When the price of oil on the world market shot up to a record US$140+ a barrel the price of gas quickly rose to around $1000/gal at the gas station which the government subsequently responded to with a reduction of the consumption tax to 7%.The national average price in the U.S. was around US$5.
Today and weeks for that matter the price of oil has retreated to around US$90-$100 per barrel, a more than 40% reduction and the US national average prices at the pump station have been around US$3.50/ gal. Our gas prices are still around $1000/gal and we haven’t benefitted a single penny from the reduction in world oil prices.
Can the Consumers Association, the Ministry of Commerce, etc please explain or investigate for consumers’ sake after all its one of the most widely used and vital products that customers can greatly benefit from a reduction in the price.
Yours faithfully,
Ravin