Petrol pump prices have moved in tandem with wholesale fuel prices, according to a study by the Competition Commission of Singapore, reported The Straits Times.
Based on data from Jan 1st 2010 to Jan 31st this year, the study found that while cost changes are not passed on entirely or immediately to consumers, there was no significant difference in time taken for rises or falls to filter to the pumps. It noted that pump prices are influenced more by wholesale fuel prices rather than prices of crude oil, as the latter is a raw material which has not yet been processed.
The commission said it did the study in response to public queries on why petrol prices did not seem to have fallen in tandem with crude oil price changes. Competition Commission Chief Executive Toh Han Li said the change in petrol prices cannot be 100 percent in line with changes in wholesale fuel prices because of other cost components such as land, labour and operations.
The commission found no price collusion between oil firms here. On how oil companies have stopped publicising price changes in recent years, Mr. Toh said, "I feel that's something that can be improved." He said the commission would consider persuading them to make prices more transparent.
