SINGAPORE: The government will review the retail fuel market to see if there are other ways to ease the pressure on fuel prices, State Minister for Trade and Industry Low Yen Ling told the Parliament Tuesday July 5.
“We will continue to monitor the situation and will not hesitate to provide further assistance if needed,” she said.
Ms Low was responding to a question from MP Don Wee (PAP-Chua Chu Kang), who asked whether the ministry would regulate petrol and diesel pump prices amid record profits for oil companies.
She said the review will cover how global developments, as well as the practices of retail fuel operators in Singapore, have led to the price trends seen so far.
“Now, to support this study, CCCS (Competition and Consumer Commission of Singapore) has reached out to fuel retail operators for data on fuel price movements,” she said.
“While the findings of the review suggest there are ways to improve the fuel retail market, I would like to assure the MP that the Government is certainly open to considering any measures that could improve the market. fuel retail market efficiency,” she added.
Fuel prices have risen in recent months, driven by increased global demand for crude oil as economies reopen and tight supplies due to sanctions on Russia. There has also been underinvestment in fossil fuel generation over the years, she said.
According to fuel price comparison website Fuel Kaki on Tuesday, the most popular 95-octane petrol was between S$3.31 and S$3.35 per litre, dropping from less than S$3 in early March. – days after Russia invaded Ukraine.
In June, Deputy Prime Minister Lawrence Wong announced support measures for self-employed people whose livelihoods depend on their vehicles, including a one-time relief of S$150 in August for major taxi hire companies and drivers. of eligible private rental cars.
Combination bus and limousine drivers who are members of the National Private Hire Vehicles Association, and delivery and motorcycle delivery drivers who are members of the National Delivery Champions Association, can also apply for one-time cash assistance of up to to S$300 next month.