PETROL PRICE SOAR BY 20 CENTS PER LITRE AFTER PETROL TAX HIKE

Pump prices across all four petrol companies were up on Tuesday, following Monday’s Budget announcement of a hike in petrol duties.

The most popular grade of petrol, 95-octane, now costs between $2.01 and $2.04 per litre. Premium grade petrol, such as 98-octane, now ranges from $2.20 a litre at the Singapore Petroleum Company, to $2.65 for Shell’s V-Power. All prices are before discount.

Finance Minister Tharman Shanmugaratnam said on Monday that the increase in petrol duties, which have remained unchanged since 2003, will “encourage less car usage and reduce carbon emissions”.

The tariff for premium grade petrol is now 64 cents a litre, up by 20 cents, while the duty for intermediate-grade petrol – such as 92-octane and 95-octane – is 56 cents per litre, up by 15 cents.

To ease the burden of the higher costs, the Government also announced a one-year road tax rebate of 20 per cent for cars and 60 per cent for motorcycles.

The one-year rebates are expected to cost the Government $144 million. Meanwhile, the hike in petrol tariff is expected to yield about $177 million more a year.

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