The CNBC media commentators talk about gas (petrol) at $4 a gallon to be a psychological barrier. Beyond that price, the consumers will reduce the consumption of gas. What is the petrol price in Singapore now, and how much is it converted to US$ per gallon? I believe that our petrol prices must have exceeded the US prices by a lot!
UPDATE
I did my research. Petrol price is $2.12 p litre (95 UL). 1 US gallon = 3.785 litre. USD = 1.247 SGD. So, the petrol price in Singapore is USD 6.43 per gallon - over 50% higher than the "critical price" in US. Singaporeans do pay high price!
Once you own & drive a vehicle, the addiction is very difficult to stop.
ReplyDeleteLack of car parks, you feel stressed
Increase in fuel prices - stressed
Increase in ERP - stressed
Increase in traffic -stressed
I just do not understand this mystery: Highest cost of owning a vehicle in the entire world and yet there are people who aspire to own one..
It does not help either with Straits Times & Sunday Times having articles about brand new models and their features.
Since selling away my car for over 8 years, my blood pressure has gone down, my savings went up and my temperament has improved.
Unless you have more than 25% subsidies for the vehicle from your work, or employer.. please do not own a car in Singapore!!
Calculation wrong. Should be USD 4.735 a gallon instead.
ReplyDeleteSingapore petrol prices are higher than US coz of high govt duties. Same as many European countries including UK.
ReplyDeleteFor countries with low or no duties such as US, Oz the petrol prices are of course much cheaper. M'sia and Indo have artificially low prices becoz of govt subsidies.
Back in the 1950s when the USD was strong, a gallon of petrol cost US$0.10.
Hi chunhui
ReplyDeleteyou are right. thanks for pointing out the mistake. i have now corrected the posting.
The calculation may still be wrong...1 US gallon = 3.785 liters, not 2.785 as shown. Although it may just be a mistake while typing the info, with the right value actually used in the calculation.
ReplyDeleteThanks Rick
ReplyDeleteMy original calculation was right, but I typed in the wrong conversion for US gallon to litre. So, I have corrected back to the price that is over 50% higher than US gas price!