Crude oil traded $100

[Zanter]

This is a good question! . The answer is that the garment hire v smart ppl with million dollar salaries to make sure we r taxed every which way lor

[Slowmo]

You can blame it on people who torched kuwait oil fields, giving the oil companies a big ass excuse to up the prices earlier.

[Icekitten]

Better quickly top up tank later before they increase prices again....

[Rickster]

bro... no need to track oil prices in singapore... our cartels here dont follow the oil prices one...

 

there's only one consistency in singapore, yesterday's price will always be cheaper than tomorrow.

 

Agree. Within 1 or 2 weeks, the pump prices would definately rise. Coz the cartels always raise prices whenever there is a slight upward movement in the oil prices, even if its only for a few days.

 

However, when prices recede, even for a few weeks, there would be no price adjustment.

 

All these price movement are "controlled" by the one & only real big cartel - the MIW.

[Dynaway]

http://news.bbc.co.uk/2/hi/business/7169543.stm

[Try_conti]

should sack that bugger & blacklist him for good .....

[So_nice]

left half tank. gonna pump later when the nite is cooler.

[Protoss38]

Bo Bian one coz 66.6% agreed to it.

 

Just suck thumb loh.

 

Got to top up full tank 2morrow liao.

[Solar]

Nope the tax is fixed at abt 40cent a liter. Anyway since when was sg garment a populist 1?

 

details here..

http://www.mof.gov.sg/budget_2003/budget_speech/annex1.html

 

i think petrol tax is excise duty.. different from gst.. so, got to pay both..

[Wry85]

What a good way to start 2008. Haiz...

[Ahyoo2002]

AP

Oil Above $100 on Inventory Report

Thursday January 3, 12:27 pm ET

By John Wilen, AP Business Writer

Oil Prices Rise Above $100 After Government Reports Drop in Crude Supplies

 

NEW YORK (AP) -- Oil futures rose to a new record of $100.09 a barrel Thursday after the government reported a larger-than-expected decline in crude oil inventories and an unexpected rise in heating oil supplies.

 

One day after oil prices briefly touched $100 for the first time, the Energy Department's Energy Information Administration said crude inventories fell by 4 million barrels last week, much more than the 1.7 million barrel decline analysts surveyed by Dow Jones Newswires, on average, had expected.

 

On the other hand, inventories of distillates, which include heating oil and diesel fuel, rose by 600,000 barrels, countering analyst expectations that distillate supplies would fall by 600,000 barrels. And supplies of gasoline rose by 1.9 million barrels, more than the 1.3 million-barrel increase analysts had expected.

 

Prices fluctuated after the report as investors struggled to interpret the data, but by late morning, oil was higher and setting new records.

 

"Any surprises (in the report) are more the result of false expectations as opposed to anything truly remarkable in the data," said Tim Evans, an analyst at Citigroup Inc. in New York.

 

Light, sweet crude for February delivery rose 47 cents to $100.09 a barrel on the New York Mercantile Exchange, a trading record.

 

February gasoline fell 1.34 cents to $2.5555 a gallon on the Nymex, but February heating oil rose 0.11 cent to $2.7415 a gallon. February natural gas rose 10.5 cents to $7.955 per 1,000 cubic feet.

 

In London, February Brent crude rose 48 cents to $98.32 a barrel on the ICE Futures exchange.

 

At the pump, meanwhile, gas prices rose 0.3 cent overnight to a national average of $3.052 a gallon, according to AAA and the Oil Price Information Service. Retail gas prices have rebounded in recent weeks, following oil's lead.

 

Crude's move to $100 a barrel prompted Indonesian officials to announce plans to ask OPEC to boost output to bring down oil prices, Dow Jones reported. While that may be tempting to some Organization of Petroleum Exporting Countries members, many analysts think high prices will themselves do the trick by cutting demand.

 

"It is unlikely the cartel will decide to increase output quotas ahead of the normally low-demand second quarter," said Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC in Stamford, Conn., in a research note. "Furthermore, the U.S. economy is slowing, the result of which is likely to be lower demand for oil."

 

Indeed, there are already signs demand is slowing. Gasoline demand fell last week by 160,000 barrels, and rose only 0.1 percent over the last four weeks compared to the same period last year. Analysts consider year-over-year demand growth of under 1.5 percent to be tepid.

 

Also in its weekly report, the EIA said crude supplies at the closely-watched Nymex delivery terminal in Cushing, Okla., were unchanged last week at 17.5 million barrels. Falling supplies there are seen as a symptom of a tight market, and those concerns ease when Cushing inventories rise.

 

Refinery activity rose by 1.3 percent last week to 89.4 percent of capacity. Analysts had expected refinery use to increase by 0.4 percentage point.

 

Crude imports rose last week by an average of 204,000 barrels a day to 10 million barrels a day. Gasoline imports rose 136,000 barrels a day to an average of 1.2 million barrels a day.

[Dynaway]

http://sg.news.yahoo.com/afp/20080103/tts-...ce-c1b2fc3.html

 

AFP - Friday, January 4LONDON (AFP) - - Gold struck a new all-time peak of almost 868 dollars on Thursday as the precious metal benefited from its safe-haven status amid record high oil, a struggling dollar and Pakistan tensions.

 

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The price of gold reached a historic 867.90 dollars an ounce on the London Bullion Market. It later slipped slightly to stand at 866.90 dollars.

 

"The main reason for the increase was that the oil prices have breached through the 100-dollar mark. This and a weakening dollar, has driven the gold prices higher," said Gary Yue, a gold dealer at Delta Asia Financial Group.

 

"Investors are worried about the oil prices and the weak dollar. When the situation is unstable, they invest their money elsewhere and this has boosted the buying interest in gold," he said.

 

The precious metal, also being supported by increased jewellery purchases in emerging economic powerhouses China and India, had first smashed its 28 year-old record of 850 dollars an ounce on Wednesday.

 

According to analysts, current price movements were being slightly exaggerated by the lightness of holiday trade, which meant large transactions could influence the market more than usual.

 

"With 850 dollars cleared, gold could quite easily find further upside momentum as the background picture of geo-political tensions and unstable financial markets attracts safe-haven seeking investors," said James Moore of TheBullionDesk.com.

 

Political unrest in Pakistan following last week's assassination of the country's opposition leader Benazir Bhutto has led to fresh interest in gold because the precious metal is regarded as a haven in troubled times.

 

Higher oil prices also encourage the buying of gold. The precious metal is seen as a defence against inflation, which is being driven in many countries by the surging cost of crude oil.

 

Benchmark oil prices hit 100 dollars in New York on Wednesday for the first time owing to tight supplies of crude amid solid demand for the commodity.

 

Gold prices, which last year rose by 30 percent, were also winning support from the weakness of the US currency, which encourages demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.

 

"As the dollar outlook remains weak and with further (US) interest rate cuts in store, gold could be poised to challenge the psychological 900 dollar level and subsequently perhaps the 1,000 dollar mark," said Standard Bank analyst Teo Kah Oon.

 

The yellow metal had spiked to its record of 850 dollars an ounce in 1980 as investors rushed to buy gold because of then high inflation sparked by soaring oil prices amid the Iranian revolution.

[Cklasse]

left half tank. gonna pump later when the nite is cooler.

 

If you subscribe to the thinking of pumping when cool, then you should do it in the early morning when the pump underground tank has the whole night to cool.

[Typhoonz]

Cannot look back to the old days liao... We must brace ourselves for the $3 mark...

 

People paying USD3/gallon, we paying $3/L

 

The level is much higher here...

[Zanter]

Petrol is imported hence the excise tax, but so is almost everything else we get in SG.

 

I would not be surprised if the 08 budget increases this tax since they wish to curb car usage. Get ready for $3 a liter and 1 visit to the pump cost $150 for a regular sedan!