The price of crude oil in the market has been going down in recent months but unfortunately gas pump stations have not adjusted their fuel prices, particularly for diesel and premium gasoline. What gives?
Some claim that they are hesitant while others are declaring that they are still observing the decline in oil prices. My question is this; up to when? Apparently some leading gas distributors are claiming that since they delayed the oil price hikes some months back when oil prices ballooned to over $100 per barrel as the main reason. But if you look back, the oil price decline has been way beyond that. If you do simple mathematics, you will notice that the price for petroleum products are sorely over what they should be.
Are they taking advantage of the situation? Many have promised rollbacks, but the incremental changes are not enough. Transport groups are clamoring for justifiable rollbacks and help bring the consumers back on their feet. But as of now, it is unlikely that we will see that from happening.
Leaders and government officials have been wondering what the formula that these oil companies are using. Care to share it with the public. For sure, this will once and for all put a stop to all this bickering. But the problem is that any company would be wary of sharing their costing since competitors may copy it. But considering that they are all in the same industry and competing for the same prices, would it matter?
Originally posted on January 24, 2011 @ 7:47 am