The Independent Consumer and Competition Commission (ICCC) announces that these price increases are due to the increase in the Import Parity Prices (IPP) for this month. The increase in the IPP are also attributed to the increase in Mean of Platts Singapore (MOPS) prices for petrol, diesel and kerosene during the month of November. Furthermore, the MOPS prices are a result of the increase in crude oil prices.
As a result of adding all the various cost components, it was confirmed by the ICCC that retail fuel prices in the National Capital District will increase by 14.09 toea per litre for petrol, 11.53 toea per litre for diesel and 14.22 toea per litre for kerosene.
However, Commissioner and chief executive officer Paulus Ain says retail prices in all other designated centers will change according to their approved in-country shipping and road freight rates that are charged by the fuel distributors.
“As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections at all service stations to ensure that prices of petroleum products do not exceed the allowable maximum prices,” Ain states.
Retailers who sell fuel using pumps are asked by the ICCC to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places.
Meanwhile, retailers who are displacing prices to 1 decimal place are urged by the ICCC to round the price down to ensure prices are within the allowable indicative retail prices.
“Consumers are advised to report any instance of overcharging by retailers through the ICCC’s consumer protection division on 325 2144, on toll free number 180 3333 or by contacting regional offices closest to you,” says the CEO.