Mr Gerald Giam Yean Song asked the Minister for Trade and Industry (a) when will the results of the review conducted by the Competition and Consumer Commission of Singapore on alleged anti-competitive behaviour by fuel retailers during the spike in commodity prices in the first half of the year be released; and (b) whether such a review will be conducted periodically henceforth.
Mr Gan Kim Yong: Last month Minister of State Low Yen Ling updated the House that fuel prices in Singapore had risen in tandem with global crude oil prices. Global crude oil prices had increased significantly due to higher demand as economies reopen following the pandemic, coupled with tight supplies due to sanctions against Russia and the past years of under-investment in fossil fuel productions. MTI is currently reviewing the fuel retail market to determine if there are other ways to alleviate the pressure on fuel prices. This study will also examine how global developments, as well as the practices of the fuel retail operators, have led to the pricing trends seen so far.
To support the study, CCCS has required fuel retail operators to submit data and we will update the House when ready. In the meantime, we welcome the fact that petrol pump prices have fallen by 7% to 12% since early July. As to whether such a review will be conducted periodically henceforth, future reviews would depend on market conditions and the practices of the industry players. The Government is committed to ensuring a competitive fuel retail market and we are continuing to monitor the actions of the fuel retail operators closely.
Ministry of Trade and Industry
1 August 2022