WorldWatch informs that the monopoly in petrol price fixing in one of the worlds oldest economies continues. During this month alone final consumer prices at the pump for motorits have increased by more than five cents per litre.
Now as crude prices have declined these same companies Galp, Cepsa, BP and Repsol decided to once more mislead the public and decreased the
petrol price, but only by one cent and only for diesel products, 95 regular Octane maintains the same inflated price of 1,349€ per litre.
Its due to these attitude that Portugal has a recession gripped economy..
Medical health care appauling..
Education outdated and very esxpensive..
Social services at the edge of collapse..
Corruption according to local newspapers is the only "service " booming..
Unemployment passes the 11% mark..
These are the good news possible related to Portugal....
Portugal has one of the worst economical economies in Europe, almostidentical to the Greek tragedy, all indications point to a continuing Of the dilemma as the country faces severe measures almost on a daily basis, as is the case with the petrol price paid by the motorist at the petrol filling stations across the country. Today the petrol company’s Galp, BP, Repsol and Cepsa increased final consumer price by a staggering two cents per litre.
A litre of Regular 95Octane is now 1.401 euro per litre, one of the most expensive in the world. This attitude is possible since the involved companies have the approval of the now useless socialist government to increase the final consumer price as they so desire. Europe Asia and the US have not left the recession zone, in fact some Nations are worse now than two years ago, we have the example of Greece, Ireland, Spain and Portugal that have serious budget problems, the increase in petrol prices will further reduce demand and public spending by more than 7% this year alone, this will be aggravated next year by a 2% increase in Tax to a record breaking 23%, this ridiculous measure taken by the useless Prime minister Socrates will have serious inverse economical effects on the economy and population whose unemployment rate is now over 10.5%.
Filling a normal 50 litre petrol tank the motorist must pay 6 € more than in January this year for the same amount.
Oil prices rose to near $83 a barrel Monday due to the stonger dollar and speculation that the U.S. central bank will soon move to bolstera spluttering economic recovery.
Oil prices in Portugal are about three times higher than a year ago. The dollar remains weak, the price gains have come even though demand in Portugal. remains weak with a forcast for the first quarter 2010 down 7%.
There is a long history of tripled oil prices causing consternation among consumers, we are not there, yet, but consumer prices for regular 95 Octane at 1.45€ per litre are certainly an unwelcome sign of consumer distress. Prices have jumped 6 cents or more in the past week in many parts of the country, including Porto, Lisbon, Braga, Faro..
According to WorldWatch higher prices are taking their toll on debt-ladened consumers trying to reorganize their finances. The higher cost will first hit the nation's savings rate, he said. After that, it means delays in big ticket purchases such as cars and houses. Portugal won't be as shocked as they were two years ago, however, when prices hit a national average for regular 95 Octane at 1.45€ per litre, the effect on the recession gripped economy will be devastating causing the government to collapse.
The higher prices comes as the government and the oil companies such as Galp, BP, Repsol and Cepsa continue the monopoly of high fuel prices for the motorist. higher prices will hurt the economy and push it deeper into recession.
Today crude prices dropped as demand for heating oil, natural gas and electricity have not increased as expected.
Dubai opened to the public today the tallest tower in the world, the Burj Dubai, 818 meters sky high. Despite the financial shock of the end of last year, due to the ever growing financial difficulties of the real estate, Burj Dubai was inaugurated today, at around 25 thousand euros per square meter, almost half the stipulated price of first quarter 2009.
Sheik Mohammed bin Rashid al-Maktoum inaugurates today the tower Burj Dubai, with 169 floors, which is the tallest structure ever built by man. Started building in 2004, the Burj Dubai is essentially a residential building. It has 900 studios, 144 apartments, designed by Italian fashion designer Giorgio Armani. Another record of the Burj Dubai is the world's tallest pool, situated on the 76th floor. Given its height, the tower has a temperature in the ground which is about 10 degrees higher than the top. Also a mystery is who is going to live and work there, which is said to be a matter of client confidentiality. Despite the recession, the developers say it is sold out.
However, Dubai and surrounding neighbors are now certain to face second quarter of 2010 serious economical crises as the crude prices are now in the $81 per barril margin, according to WorldWatch this will cause a 12% drop in demand for crude in most industrialized nations.
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