Increase in fuel prices

Motorists and citizens will be hit hard following the increase of fuel prices.

According to a statement by the Independent Consumer and Competition Commission (ICCC), the prices for petrol, diesel and kerosene have all risen for the month of October.

Petrol recorded the highest, with an increase by 8 toea per litre (tpl) – from 283.51 tpl in September, to 291.51 tpl.

Diesel is up by 1.77 tpl from 226.15 tpl in September, to 227.92 tpl, and kerosene rose by 2.86 tpl – from 216.45 tpl to 219.13 tpl.

The new prices are set based on the calculation of the Import Parity Prices (IPP) for the month of September.

The ICCC says the increase is a result of increasing global crude oil prices, which is a response to expectations of production limits.

They further state that there were increases in the Singapore product prices of petrol, diesel and kerosene due to rising crude oil prices.

Additionally, the strengthening of the US Dollar against major currencies during the month of September offset any decrease in the Singapore product prices, which are quoted in US Dollar.

The changes in the Singapore product prices are reflected at the IPP level.

Author: 
Cedric Patjole