IN OUR free-market economy, while we have a few prominent petrol companies, we hardly see any difference in the price of petrol among them.
First of all, when one firm raises the pump price, it takes less than a day or two before the others follow suit. But when it comes to the reduction of pump prices, all adopt a wait-and-see strategy, each waiting for the other to make the first move.
The reasons that the companies have given for raising pump prices more than the recent hike in petrol duty are not convincing ("Petrol companies ordered to explain latest price hikes"; Thursday).
I urge the Competition Commission of Singapore to take a serious look at the matter, as in this sector, it seems like there isn't any competition at all. If there is, it is not apparent to consumers.
This is in contrast to supermarkets, where there is significant difference in the prices of certain items.
Tay Kok Cheng
First of all, when one firm raises the pump price, it takes less than a day or two before the others follow suit. But when it comes to the reduction of pump prices, all adopt a wait-and-see strategy, each waiting for the other to make the first move.
The reasons that the companies have given for raising pump prices more than the recent hike in petrol duty are not convincing ("Petrol companies ordered to explain latest price hikes"; Thursday).
I urge the Competition Commission of Singapore to take a serious look at the matter, as in this sector, it seems like there isn't any competition at all. If there is, it is not apparent to consumers.
This is in contrast to supermarkets, where there is significant difference in the prices of certain items.
Tay Kok Cheng
