PUBLIC transport commuters were not the only ones having to fork out more for their commute on Monday, when the annual fare revision exercise kicked in and upped bus fares by 1-2 cents per trip.
Those using private transport too were greeted with higher fuel prices, when oil companies raised pump rates.
At 10am, Caltex increased its petrol and diesel prices by 3 cents a litre, while Shell upped its rates by 5 cents a litre. By 3pm, Singapore Petroleum Co followed suit by raising its pump rates by 5 cents a litre.
The increase is the fifth upward revision since July, as crude oil prices hover at record levels above US$80 a barrel.
The latest revision brings the price of top-grade petrol across the $2-per-litre level - even after station discount. Shell's V-Power, the priciest petrol here, is now retailing at $2.147 a litre before discount, and $2.04 a litre after discount. Before discount, Shell 98 is $1.91, Shell 95 is $1.836, Shell 92 is $1.803 and Shell Diesel is $1.353 a litre.
Before discount, Caltex 98 Premium is $2.056, Caltex 98 regular is $1.89, Caltex 95 is $1.816 and Caltex Diesel is $1.333 a litre. Caltex does not offer 92-octane.
Pump prices have been on an upward spiral since July 1, when oil companies raised rates in response to the rise in goods and services tax (GST). Since then, the cost of filling up has gone up by 12 cents a litre, or 6.8 per cent, in four months - one of the sharpest continuous hikes in recent memory.
Oil industry consultant Ong Eng Tong said the increase is unjustified, as wholesale prices of petrol have not gone up despite the climb in crude oil prices.
'The US driving season is almost over,' Mr Ong said. 'And petrol is not short in the region.'
source: http://motoring.asiaone.com/Motoring/News/Story/A1Story20071001-27925.html
The increase in the cost of living in Singapore is relentless. We have a recorded record inflation for Jul and Aug and now we have the news that petrol prices are increasing as and when the big boys like it. I would have expected SPC to step in and do something about the situation but i am so wrong. They seem to have adopted the "profit is king" mentality of Singapore Inc and it looks like peasants are getting owned yet again. The longer this boom cycle runs, the poorer peasants are going to get as the big corporations have more reasons to increase the prices of everyday items.
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