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Tan See Leng on retail petrol price movements

03:32 Min

The Government will continue to monitor price movements in the retail petrol industry, said Second Minister for Trade and Industry Tan See Leng. Replying to an MP’s questions in Parliament on Thursday (Mar 10), he said the overall increase in petrol and diesel prices reflects the rise in the price of crude oil over the past months. While pump prices are set by the market, the Competition and Consumer Commission of Singapore (CCCS) keeps a close watch to ensure an open and competitive market. If there is evidence of anti-competitive behaviour, such as coordinated price increases, CCCS will investigate and take firm enforcement action. Dr Tan said well-informed consumers are also a key deterrent against unreasonable pricing.

The Government will continue to monitor price movements in the retail petrol industry, said Second Minister for Trade and Industry Tan See Leng. Replying to an MP’s questions in Parliament on Thursday (Mar 10), he said the overall increase in petrol and diesel prices reflects the rise in the price of crude oil over the past months. While pump prices are set by the market, the Competition and Consumer Commission of Singapore (CCCS) keeps a close watch to ensure an open and competitive market. If there is evidence of anti-competitive behaviour, such as coordinated price increases, CCCS will investigate and take firm enforcement action. Dr Tan said well-informed consumers are also a key deterrent against unreasonable pricing.

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