CCS demands petrol companies to explain price increment
26 Feb 2015|3,892 views
Petrol companies have been ordered by the Competition Commission of Singapore (CCS) to explain their latest price hikes, which were more than the recent increase in government duty, reported The Straits Times.
The move came after the Consumers Association of Singapore (Case) on Tuesday accused the four players here - Caltex, Esso, Shell and Singapore Petroleum Company (SPC) - of profiteering.
Pump prices across the island were raised by up to 25 cents per litre for 98-octane-grade petrol and as much as 18 cents for 95-octane on Tuesday, a day after the Government raised tariffs by 20 cents a litre for premium-grade petrol and 15 cents for the intermediate grade.
In a strongly worded joint statement to The Straits Times last night, the Ministry of Trade and Industry and CCS said, "We will not hesitate to take firm action against parties who are found to be engaging in anti-competitive behaviours at the expense of consumers."
Petrol firms defended their move, saying that prices are not determined by government excise duties alone.
At noon yesterday, Shell dropped prices by two cents a litre for its 98-octane-grade. Caltex raised prices by as much as the tariff increase on Tuesday, then reduced them by 3 cents later that same day.
Case has sent letters to all four petrol firms here, asking each to explain why they increased prices. As of last night, no replies had been received.
Petrol companies have been ordered by the Competition Commission of Singapore (CCS) to explain their latest price hikes, which were more than the recent increase in government duty, reported The Straits Times.
The move came after the Consumers Association of Singapore (Case) on Tuesday accused the four players here - Caltex, Esso, Shell and Singapore Petroleum Company (SPC) - of profiteering.
Pump prices across the island were raised by up to 25 cents per litre for 98-octane-grade petrol and as much as 18 cents for 95-octane on Tuesday, a day after the Government raised tariffs by 20 cents a litre for premium-grade petrol and 15 cents for the intermediate grade.
In a strongly worded joint statement to The Straits Times last night, the Ministry of Trade and Industry and CCS said, "We will not hesitate to take firm action against parties who are found to be engaging in anti-competitive behaviours at the expense of consumers."
Petrol firms defended their move, saying that prices are not determined by government excise duties alone.
At noon yesterday, Shell dropped prices by two cents a litre for its 98-octane-grade. Caltex raised prices by as much as the tariff increase on Tuesday, then reduced them by 3 cents later that same day.
Case has sent letters to all four petrol firms here, asking each to explain why they increased prices. As of last night, no replies had been received.
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