MOTORISTS have been up in arms, both before and after the latest Budget announcement, over how petrol companies set their pump prices ("Petrol companies ordered to explain latest price hikes"; yesterday and "Petrol duty up but there's a one-year road tax rebate"; Tuesday).
When crude oil price goes up, the price increase at the pump happens almost instantaneously, but when the price of crude oil falls, petrol firms drag their feet in lowering prices.
When asked to explain their actions, they repeatedly give typical explanations, even when the Consumers Association of Singapore (Case) and the Competition Commission of Singapore step in.
Instead of subjecting motorists to such unfair price hikes, more competition should be introduced to help level pump prices. Perhaps a social enterprise or maybe NTUC could join the industry, just like how FairPrice helps keep groceries affordable.
Yong Milian (Madam)
When crude oil price goes up, the price increase at the pump happens almost instantaneously, but when the price of crude oil falls, petrol firms drag their feet in lowering prices.
When asked to explain their actions, they repeatedly give typical explanations, even when the Consumers Association of Singapore (Case) and the Competition Commission of Singapore step in.
Instead of subjecting motorists to such unfair price hikes, more competition should be introduced to help level pump prices. Perhaps a social enterprise or maybe NTUC could join the industry, just like how FairPrice helps keep groceries affordable.
Yong Milian (Madam)
