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About S$25m drawn from Fuel Equalisation Fund

About S$25 million has been drawn from the Fuel Equalisation Fund since its establishment in 1992, said Transport Minister Lui Tuck Yew in his written Parliamentary answer to questions filed by MP for Ang Mo Kio GRC Seng Han Thong.

SINGAPORE: About S$25 million has been drawn from the Fuel Equalisation Fund since its establishment in 1992.

The current balance in the Fund is about $60 million.

The Fund was set up to help the public transport operators manage the impact of fuel price fluctuations.

Transport Minister Lui Tuck Yew gave this update in his written Parliamentary answer to questions filed by MP for Ang Mo Kio GRC Seng Han Thong.

Mr Seng had asked Mr Lui for an update on the Fuel Equalisation Fund. He also asked how will the Fund fit into the fare review mechanism recommendations.

In his written reply, Mr Lui said the Fare Review Mechanism Committee (FRMC) has recommended including a new Energy Index component in the fare formula, which has since been accepted by the government.

He added the FRMC has also noted in its report that the Public Transport Council (PTC) could review the need for the Fuel Equalisation Fund.

Mr Lui believes the PTC will follow up in due course to undertake such a review with inputs from the public transport operators.

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