Competition watchdog will take action if oil companies coordinate price increases, says Tan See Leng

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The latest increase was by Esso on just Thursday morning, with its 92-octane fuel up by another 16 cents, now costing $3.16 a litre.

Dr Tan said global oil prices and domestic pump prices had already been rising at the start of the year as a result of rising Russia-Ukraine tensions, even before the war.

Dr Tan added that motorists should keep themselves updated on the latest developments as well-informed consumers act as a key deterrent against unreasonable pricing. He cited Fuel Kaki, a retail petrol price comparison website developed by the Consumers Association of Singapore which allows people to compare retail pump prices, as an example of a useful app.

"There are a lot of developments today and volatility in terms of pricing. At this particular point in time we think that current slew of measures, support packages and so on appear to be having some impact in supporting them," he said."We will not hesitate to roll out more but at this particular point in time, I think we need to monitor the situation very, very closely."

"The conflict in Ukraine poses limited direct risks to our energy supplies. Nevertheless, as Singapore is heavily reliant on the global market for our energy supplies, we will be affected by the high and volatile gas prices resulting from the conflict," he said.The Energy Market Authority has continued to make sure that electricity companies have enough fuel reserves. It has also set up a standby fuel facility which electricity companies can tap on to produce electricity.

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Twee .

Is the price inclusive of tax? If yes.... Hmm.....

Sudah la! Competition watchdog my ass!

Of course they do one way or another no doubt. Its a oily trade.

I'm not having that. Lower the prices of fuel to 2.20 for 92, 2.40 for 95 and 2.60 for 98 or I'll sue you.

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