SINGAPORE’S PETROLEUM RESERVES AND EVIDENCE OF ANTI-COMPETITIVE BEHAVIOUR AMONG FUEL RETAILERS

MP Gerald Giam

Mr Gerald Giam Yean Song asked the Minister for Trade and Industry (a) whether the Competition and Consumer Commission of Singapore (CCCS) has found any evidence of anti-competitive behaviour among fuel retailers to raise prices in the past two months; (b) what actions will the Government take against fuel retailers found to have engaged in anti-competitive behaviour; and (c) whether the Government has considered tapping on its petroleum reserves to ease the fuel supply crunch triggered by the Russia-Ukraine conflict and moderate pump prices.

48 Mr Gerald Giam Yean Song asked the Minister for Trade and Industry (a) whether the Committee Against Profiteering will address concerns that businesses could use reasons, other than the rise in GST, as a pretext to make unjustified price increases on essential products and services; (b) whether the Committee will publish a list of essential products and services that fall under its ambit; and (c) what actions are the Committee or the Government empowered to take against businesses engaged in profiteering.

49 Mr Gerald Giam Yean Song asked the Minister for Trade and Industry (a) whether Singapore has petroleum reserves; (b) if so, how long will our petroleum reserves last in the event of a supply cut; (c) what are the considerations for tapping on these petroleum reserves; and (d) whether the Government will consider tapping on its petroleum reserves in the event of an extended fuel supply crunch precipitated by the Russia-Ukraine conflict.

Mr Gan Kim Yong: These questions have been addressed during the Joint Ministerial Statement delivered by Minister Lawrence Wong and Minister Tan See Leng, on Inflation and Business Costs, on 4 April 2022. [Please refer to “Inflation and Business Costs”, Official Report, 04 April 2022, Vol 95, Issue 60, Ministerial Statements section.]

Ministry of Trade and Industry
5 April 2022

https://sprs.parl.gov.sg/search/sprs3topic?reportid=written-answer-na-10476

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