Why is it that a barrel of oil is now 50 bucks or so from the highs times of 70 a barrel and our electricity bills and petrol costs are not coming down?

Singapore uses natural gas (95%) and waste (4%) for power stations' fuel. So increase in price of oil wouldn't affect electricity bills. Petrol is unlikely to fall since firms have the option to raise price and the comsumer still purchase it. This way they'll earn higher profits.