Oil prices seems to have settled down at the US$60-65 level, with prices currently standing at US$62 per barrel, slightly up from US$60 per barrel on Wednesday.
The oil price madness began in February this year, where from a level of about US$58, oil prices began to go up till it reached a record price of US$78.40 last month, fueled by tension in Iran and Nigeria as well as other international political issues like nuclear testing conflicts. Oil prices should remain stable between the US$60 to US$65 range, unless Organisation of Petroleum Exporting Countries (Opec) decides to review output policies and cut supplies, or some other hoo haa happens in the international scene.
So with the extra subsidy that the government has allocated for our petrol subsidies in the recently announced budget, it’s expected that the fuel prices in our country should not go up by a very large margin anytime soon.
After dabbling for years in the IT industry, Paul Tan initially began this site as a general blog covering various topics of personal interest. With an increasing number of readers paying rapt attention to the motoring stories, one thing led to another and the rest, as they say, is history. An avid electronic gadget aficionado as well as big-time coffee lover, he's also the executive producer of the Driven motoring TV programme.
Hopefully no increase this year
then, is there any hope they'll reduce the price?
Gas price reduction ? Unlikely, government is super creative on this issue: 'money saved from fuel subsidy will be used for ……….', 'We need more time to monitor the market trend…….'. 'The cost of cruel oil import is base on oil price 3 months ago…..'
However, anything can happen, look at the crazy people in the stock market…….
No need to reduce current prices now. Already kind of used to it. But fingers crossed for no increase next year!!
It will definitely goes up. Malaysian oil prices will increase to RM2.10 per litre next year. The question is, when is the exact date?
aaiyaa…?Increase again ka next year…? Mati la we in the Sarawak interior here….even now our prices here are comparable to buying GOLD!!!! This week, chicken prices shoot up..,next year,oil prices…?!!!!
If increase again, wonder how to feed my children maa….
stablize?looks superficial!,if 2moro,us president decided to bomb pakistan as reported,it waste no time to cling back to us 70 over a barrel,few more bomb exploded in isreal/palestine and Irad……us 100 a barrel,just keep our finger cross and hope thats no more unrest in oil producing nation for the time being!
Not exactly war, but OPEC members cut down production due to the expected freer flow of oil from Iraq following US invasion & takeover.
This oil thing is very sensitive, a major refinary in saudi caught fire can also boost the crude price.
Everybody lets plant jatropha tree behind your back yard. At least it wont cause tension if a few of these chopped down.
Exactly.. never dream of the oil price will go down… Our G is the 1 benefit the most if the oil price goes down now.. Just pray it wont increase anymore..
yeah !
hope its stable
If crude price hovers around USD$60 per barrel come 2007 – plus the recently announced budget allocation for petrol/fuel subsidy next year – I don't think our G would announce another round of fuel price hike next year…
Afterall, it was a highly unpopular move to slap a hefty 30sen up the last round on us petrol-heads!