IN HIS letter, 'Time to reduce oil-linked prices' (my paper, Dec 2), Mr Soon Kim Hock stated that the price of crude oil has fallen by more than 50 per cent from its record high several months ago. Thus, he expects the cost of living to be reduced too.
I understand his point of view. We need only look around at the hawker centres, neighbourhood shops and supermarkets to find that the prices of many essential items are still high.
The respective merchants' associations and the Consumers Association of Singapore should play a more proactive role while keeping a close watch on the prices offered by members and retailers, respectively.
They should update retailers on the present situation and relay consumer sentiments to the relevant businesses.
They could also educate retailers about effective ways to keep their business costs low, and to pass the savings on to their customers.
All retailers should keep in mind that doing business is like running a long marathon, rather than a short sprint.
Consumers support them and their employees by purchasing their products, engaging their services, and so on. Therefore, retailers need to keep their customers loyal. They can do this by adjusting their prices to fit the economic situation.
Besides prices, good customer service is another factor in drawing and keeping business.
Business owners should be fair not only to their employees and a select few customers, but to all patrons, regardless of their age or attire.
As consumers, we sympathise with retailers who are now facing many challenges and difficulties.
Even though the price of oil is going down, there are several other factors to consider, such as labour costs, payments to suppliers, advertising expenses and utilities.
My only hope is that retailers do not exploit the situation by keeping prices high to generate huge profits when they are, in fact, enjoying lower business costs.
Instead, they can play an important social role by offering 'good and affordable' prices to the public, while earning a decent living.
