World oil price dipped to below US120.00

[dragonfly]

Read the latest news that oil price has fallen to US119. Does it mean that that the recent petrol price hike will be reviewed? What about the price increases of goods and services? Will they come down. Will the fuel subsidy now being given to car owners be withdrawn? I have already claimed subsidy for both my vehicles............hehehehehe!!!!

[birdy]

As reported in the newspaper few days ago, PM confirmed that the petrol price will be reviewed monthly beginning this September. The price will follow the market price and the government will subsidize up to 30 cents per liter and guaranteed that the petrol price will not go higher than RM2.70 for this year.

[HTCHONG]

Drove back from work just now, saw the sign board at petrol kiosk mentioned about pump price drop another 4 cents.. .

So far in Singapore, total pump price drop is 26 cents since 4 weeks ago....hoping to continue.

[praetor]

Greetings.

Is it possible that food and other materials prices will decrease? But then again, prices for those items have been on the rise since donkey years so i wouldn't want to raise my expectations.

Perhaps it is possible that fuel prices will decrease and make things easier on us.

Pax vorbiscum.

[joker2107]

Is it possible that food and other materials prices will decrease? But then again, prices for those items have been on the rise since donkey years so i wouldn't want to raise my expectations.

oil palm prices have not only decreased. they simply nose dived. and the players who have been laughing high and mighty the last couple of years when this essential food commodity climbed to +-rm4500.
but will cooking oil prices dip? heck, the players are now crying thier throats sore. and our govt is crying foul. cos we are very dependant on revenue from this commodity. we have, i heard, something like 2.5mil m/t of stock pile. where they store it and how much storage costs would amaze anybody who's able to count 1,2 3...
is this plunge good? frankly i absolutely despise the manipulation of the prices of essential global food products. they are not optional commodities. at over rm3k/mt, we are robbing the world's poor.

next on list will be prices of rice and other grain-foods. will they pull back downwards? its sadistic, disgusting, deplorable, inhumane, pathetic how some idiots can hold the rest of the world to ransom just so that they can tell the rest of the world that they can't spend ther ill begotten paper in the other world while their victims suffer n abject hunger and poverty.

[kuma]

I think there are 2 sides to this recent development. On one side there may be reason to cheer as this 'MAY' mean a reduction in the price at the pump. [However, whether this translates to a general reduction in food and other prices here in M'sia is anyone's guess. Historically this never seems to happen here]

On the other side, the reason analyst feel the oil price is dropping is because of slowdown in demand by 2 of the worlds guzzlers. One because the entire nation is expected to glued to their TV's for a month.[That' just a pun] They expect demand to increase in China after the Olympics.

The other seems more worrying, the lack of future demand in the US is possibly due, and indicative of the impending slump there, which is expected to impact the world.

For us, it just might be a 'lose lose' situation either way.