When oil prices fall, S'pore consumers expect petrol prices to go down, not up: Case president

Consumers Association of Singapore (CASE) president Melvin Yong said petrol companies in Singapore should be fair and follow the fall in global oil prices by lowering petrol prices at the pump in tandem.

He made his comments at the association’s 55th anniversary dinner at Amara Sanctuary Sentosa on Mar. 15, The Straits Times reported.

Pump prices went up, not down

Yong noted that pump prices were raised a number of times over a few days, but it did not go down.

“When global oil prices go up, pump prices move up quickly. But when global prices fall, consumers expect these savings to be reflected just as quickly,” he said, according to ST.

His comments came against the backdrop of international oil prices fluctuating, but the price of petrol still went up in Singapore since Feb. 28, when the war in Iran started.

Yong said in his speech: “Consumers understand that global events and geopolitical tensions can affect our oil markets. But they are also asking a reasonable question.”

He called on petrol companies in Singapore to exercise restraint, be prompt in reflecting prices during adjustments, as well as provide greater transparency.

Yong encouraged consumers to use Case’s Price Kaki app for petrol price comparisons.

Higher than 2022 prices

Caltex has raised prices of 95-octane petrol to S$3.45 per litre since Mar. 13.

This was higher than when war in Ukraine broke out after February 2022, when Caltex and Shell charged S$3.42 per litre.

In response to Mothership's queries, Yong previously said on Mar. 11 that the consumer watchdog was "monitoring closely the recent increase in fuel pump prices".

Yong urged "fuel companies to exercise restraint in raising prices pre-emptively" as crude oil prices rise globally.

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