I wish to expose the double standards of petrol companies in Singapore. Whenever oil prices surge, they adjust petrol prices almost instantly. Now that oil prices have crashed to twelve year lows, petrol prices did not dip in tandem but only moderately. Why is this the case?
When it benefits them and enable companies to make more profits, they speedily push up petrol prices but when it’s time to return savings to consumers, they cite all kinds of excuses of their slow decrease.
Companies use the same poor reasons that other factors play a part in petrol prices such as refining, marketing and distribution costs. How come they never cite such costs when adjusting upwards?
The government needs to step in and stop petrol companies from profiteering off Singaporeans! This is unfair pricing and should be adjusted in tandem with the crash in crude prices!
Chart credit: www.cozylittlehaven.net/petrolsg