Gas Below $2 A Gallon.. We Are Paying Nearly That Much For A Liter

[Saturn]

Today, Gas dropped below $2 to $1.99 a gallon, in some places in US..

Yet we have to pay nearly that much per liter.. how long before people here get tired of being screwed

I'm not trying to troll.. I just don't get it.. we are paying waaaaaay more than we should, yet everyone here

is like.. meh,.. whatever..

I guess this country is full of rich people

Oh wait.. we had a whopping $0.15 reduction right

Edited November 10, 2008 by Saturn

[charitha19]

Today, Gas dropped below $2 to $1.99 a gallon, in some places in US..

Yet we have to pay nearly that much per liter.. how long before people here get tired of being screwed

I'm not trying to troll.. I just don't get it.. we are paying waaaaaay more than we should, yet everyone here

is like.. meh,.. whatever..

I guess this country is full of rich people

Oh wait.. we had a whopping $0.15 reduction right

mahachang thats the case here.. we are the most tolerant nation in the world if this happen in india.. houses will get burnt etc.. and then the governemnt has to listen..

[Kim]

nothing gives..that's the reality, we cant help it either, it seems that we wanted their party to rule our world, at least most of them, so if most wants this to happen, lets eat some cakes when there's no bread, and some good beer! when we don't even have water..

if the rest can live with it, cheering up for everything, will have to, even if you and i don't like it this way..good old days are gone brother, its just gone, and i guess will never ever experience it down here..

for something positive - u can buy ur dream car for a affordable price in everywhere else in the world, not have to pay 300 - 400 % of it, and of course, as you said..Gas is below $2 to $1.99 a gallon and also, they dont have stupid laws..

- and if i go missing from tomorrow..I've been shot then

[Gummybr]

Today, Gas dropped below $2 to $1.99 a gallon, in some places in US..

Yet we have to pay nearly that much per liter.. how long before people here get tired of being screwed

I'm not trying to troll.. I just don't get it.. we are paying waaaaaay more than we should, yet everyone here

is like.. meh,.. whatever..

I guess this country is full of rich people

Oh wait.. we had a whopping $0.15 reduction right

Well it seems the head and other people in the CPC has really screwed up this time with the hedging deal, and i was reading in the papers that they owe a lot of money to STB and Citi Bank.

The story goes on like this, they have put a ceiling on the fuel price at $130/=, if in case the price goes up we have to buy 100,000 barrels at $130/= for two months, and in case it goes for less CPC has to buy 200,000 barrels for six months until they terminate. Well the papers are blaming the Banks concerned for not advising the CPC properly on the risks involved.

But then come to think of it we have to pay for all the S**t. A, they should have looked at a better solution to keep prices static (something like disaster management). B, they should by now collected all the money that the government institutions owe them including Mihin Lanka. With that they could have paid their debts. Now the scenario is such that the above banks have asked their mother countries to intervene as CPC has not paid.

I was listening to news yesterday and they said that about 73,000 three wheelers were registered in the Western Province, lets assume they use 30 litres per month, CPC has a profit of Rs. 20/= per litre. So CPC gets Rs. 43,800,000 per month from three wheelers as profit. so do the calculations for all petrol vehicles with a minimum of 50litres per month and see the figures you get. Still if its loss making why do they pay bonus to employees every 6 months or so.

[mazdaspeed]

The news is very true and that is why they can not reduce the price – This is what you get when u got a cricketer doing a profession job- Has’nt got a clue to what he’s doing.

The banks are smart and have qualified advisers who would have come up with the deal – The CPC signs the agreement with out a consideration – how could they ?????

[GihanFX]

Today, Gas dropped below $2 to $1.99 a gallon, in some places in US..

Yet we have to pay nearly that much per liter.. how long before people here get tired of being screwed

I'm not trying to troll.. I just don't get it.. we are paying waaaaaay more than we should, yet everyone here

is like.. meh,.. whatever..

I guess this country is full of rich people

Oh wait.. we had a whopping $0.15 reduction right

yeah, today i saw 2.05 at exxon

[Ripper]

and the best joke is on government news channels...

i was watching ITN news recently and all folks interviewed on oil price cut were singing praises about the government

not only we're the most tolerant nation we must be one of the dumbest too

[madmax]

The bottom line is we are a bunch of fools as a nation! Just look at the stupid f*ckers we elected and sent to rule our country. Even though I'm Sinhala myself, when we look at out heritage - stupidity seems to be in our blood. We are said to be descendants of klng "Wijaya" who was a rowdy outlaw that was banished from his own country by his father.

If everyone who pumps gas comes together and boycotts buying fuel for a day or two like people do in other countries to show the strength of the general public, I bet the CPC will learn their lesson.

PS: Don't take anything I said too seriously - it's just seems a good explanation to our stupidity as a nation.....

[GTAm]

The banks are smart and have qualified advisers who would have come up with the deal – The CPC signs the agreement with out a consideration – how could they ?????

Well said! As for signing the agreement....who knows they could be very dumb or very smart - the banks might have cut a deal with the big bosses !

[GTAm]

PS: Don't take anything I said too seriously - it's just seems a good explanation to our stupidity as a nation.....

[xXx]

But then come to think of it we have to pay for all the S**t.

A, they should have looked at a better solution to keep prices static (something like disaster management).

B, they should by now collected all the money that the government institutions owe them including Mihin Lanka. With that they could have paid their debts. Now the scenario is such that the above banks have asked their mother countries to intervene as CPC has not paid.

It’s sad to see a profit making government institution snuck so low.

A) As I see its hard to keep the fuel price static after such a sharp increase in crude oil in the world market. CPC could have weathered this a bit better if they stuck to the prising formula UNP introduced or if they had a budged surplus, but few years under the so called general Rathwaththe their bank balance turned negative back in late 90’s

If CPC to collect all their debts institutions like ECB, Railway, Air Lanka, SL armed forces etc will run into a huge financial crisis.

Mr. Cricketer is now playing the blame game. According to him he only got the cabinet approval for a zero cost hedging. Hence why CPC is making a massive loss the minute markets turned against the hedge. As sri lankns say ‘no point sending a donkey to do a dogs work’

I was listening to news yesterday and they said that about 73,000 three wheelers were registered in the Western Province, lets assume they use 30 litres per month, CPC has a profit of Rs. 20/= per litre. So CPC gets Rs. 43,800,000 per month from three wheelers as profit. so do the calculations for all petrol vehicles with a minimum of 50litres per month and see the figures you get. Still if its loss making why do they pay bonus to employees every 6 months or so.

You have forgotten to take in to account the overheads. CPC is way over staffed. And their employees are entitled for a bag full of benefits. They pay a whopping amount as rent for the building the HQ is based after Chandrika took over the former property to beef up her security at Temple Trees. So it is true CPC is not making any profit but that is not due to the world market turmoil but due to internal financial mismanagement.

If everyone who pumps gas comes together and boycotts buying fuel for a day or two like people do in other countries to show the strength of the general public, I bet the CPC will learn their lesson.

It’s not going to be easy but does sound like a good way to voice the public opinion. Reminds me of the ‘tooting the horn’ protest we had few months back. Maybe people should boycott using CPC fuel stations for few days that’ll be a much easier option.

[xXx]

The bottom line is we are a bunch of fools as a nation! Just look at the stupid f*ckers we elected and sent to rule our country. Even though I'm Sinhala myself, when we look at out heritage - stupidity seems to be in our blood. We are said to be descendants of klng "Wijaya" who was a rowdy outlaw that was banished from his own country by his father.

Now that when I think about it no wonder our leaders are so cunning. Remember king wijaya married kuweny to become the king and then ditched her and imported himself a fitty from India. Jokes ha ha ha ha

[Ruslan]

and the best joke is on government news channels...

i was watching ITN news recently and all folks interviewed on oil price cut were singing praises about the government

not only we're the most tolerant nation we must be one of the dumbest too

Yeah i saw just same for Reducing the Electricity bill by just 30/- rupees.. and the folks talking like it reduced by 30%..

[getposition]

[Today, Gas dropped below $2 to $1.99 a gallon, in some places in US..

Yet we have to pay nearly that much per liter.. how long before people here get tired of being screwed

I'm not trying to troll.. I just don't get it.. we are paying waaaaaay more than we should, yet everyone here

is like.. meh,.. whatever..]

THis is very true.....like 2 months back i was pumping $4.35 per gallon and i paid 50 buks to fill up my tank...(the lowest 87 grade).

Now im really enjoying the fact that i can pump premium shell V power (93) at $2.41 under $33 to fill up the tank. Its not only better on my pocket also gives me more than 400 miles per tank in the highway...

Even though im enjoying driving a lot more its sad to hear that the gas prices havent come down in sri lanka...((

seems like cost of living is much cheaper here since when i was sri lanka couple of months ago i cudnt even afford to fill up diesel in my car..Honestly i think the gas prices wont go down over there cos CPC is like a monopoly and to be honest i dont even know whehter there is another company to compete with them to break the price margin.......

Edited November 13, 2008 by getposition

[Gummybr]

You have forgotten to take in to account the overheads. CPC is way over staffed. And their employees are entitled for a bag full of benefits. They pay a whopping amount as rent for the building the HQ is based after Chandrika took over the former property to beef up her security at Temple Trees. So it is true CPC is not making any profit but that is not due to the world market turmoil but due to internal financial mismanagement.

Machang tell me of one single Govt institution that aint overstaffed.... Its Sri Lanka for you, bum s*ck the minister and he'll give you a job whether your qualified or not.

End of the day we pay for their sins dont we? They say that CEB owes billions to CPC, but hey come to think of it havent we payed for our electricity unlike the MP's? So this means we have to pay double for what we consume is it?

One thing I know market for diesel vehicles have popped up, my friend who couldnt sell his diesel jeep for months is suddenly getting calls inquiring whether its still available. I think most people thought of changing to diesel becos of the big variance. (rs. 142 - 80) that is a lot....

Well according to CPC we have to wait till April next year if they are to give a price cut on petrol or rather for them to break even.

[GihanFX]

yesterday i pumped gas for 1.75 at virginia beach area, will the price go down in SL too ??

[xXx]

Well it’s hard to say. No one other than Mr. cricketer knows what the hell is going on in the CPC. It’s only last week he came out and said we own Iran Rs. 1 billion on top of the hedging cock up. I just fail to understand how on earth he can come to an agreement only by looking at only one side of the picure. I can see why he jumped in to it as there was lot of speculation that oil will breach the $200 mark. But then again anyone with at least a basic understanding on risk management would have thought twice. Well what can you expect from people who continue to refer hedging as gambling. That shows their depth of knowledge on the subject but he was still brave enough to call himself ‘the’ expert in the whole country.

The way I see it oil is to hover around $40 – 50 till the major economies recover from the recession. And we are stuck with the hedging deal till mid next year. So unless there’s a general election around the corner doubt the petrol price will come down ‘drastically’ to match the world oil prices.

[xXx]

gummybr if you don't mind can i have your email addy please?

[Gummybr]

gummybr if you don't mind can i have your email addy please?

Its in my signature... gummy_br(at)yahoo.com

[Devinda_Z]

Oil down to below $50 per barrel

heard abt the Saudi oil tanker hijacking?!

[Gummybr]

Well Dev, I think the oil tanker case maybe to drive fear into the hearts of people so that they can raise the rpices quoting unstable waters... heheh....

On another note did anyone checkout the Sunday Times today? The FT carried a lot of articles on the fuel crisis in SL.

CPC in the Dock

Fowzie and De Mel disagree on drilling

CPC Energy Hedge

Tender procedures Looks like Don was right the man in question might have got a big cut

And the most concerning..... Is CPC heading for liquidation?

Well so it seems cabinet approval was not granted for hedging and the supposed cabinet paper waved by Mr. Cricketer was only signed by Fowzie... hmmmm.........

[Devinda_Z]

was just reading all this a few mintues back - truly staggering!

[xXx]

came across this interesting cartoon and i couldn’t resist not to post it here

then to my bitter disappointment and shock came across this too. latest survey conducted by TNS Lanka

i'll refrain from making any comments as a picture does speak thousand words