-CHUA KHENG WEE- Higher oil prices are a global phenomenon, a | The Workers’ Party
-CHUA KHENG WEE-
Higher oil prices are a global phenomenon, and several countries have responded via a reduction in fuel excise duties, such as in Australia (22¢/l for 6 months) and NZ (25¢/l + public transport fares halved).
I thus asked a PQ on the annual amount of excise duties derived from petrol and diesel sold to end consumers; and whether the Government can reduce excise duties for intermediate grade petrol and diesel in view of high fuel prices today.
Market prices ultimately determine the price of fuel here in Singapore, with Minister Tan noting that: “movements in pump prices largely mirror the movements in crude oil prices”. However, I shared that the last time Brent crude prices were above US$100 a barrel, i.e. between 2012-2014, 95-grade petrol was only retailing at around $2.20 to 2.40…but today, it is around $3 instead!
In my mind…the increase in fuel excise duties in 2015 and 2021 probably played a part, being raised by 15-20¢/l and 10-15¢ respectively. But I asked if the Minister could share a breakdown of the structural factors that contributed to higher pump prices apart from crude oil prices.
Minister Wong noted that if the situation worsens and more support is needed, the Government stands ready to do so – I do hope additional support can be provided to Singaporeans should inflation remains persistent.
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