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No evidence of collusion in petrol prices: Competition Commission | TODAYonline

SINGAPORE — Petrol companies pass on about 70 per cent of wholesale petrol price changes to consumers, the Competition Commission of Singapore (CCS) said on Tuesday (Feb 23), and there is no evidence to suggest the four players here conspire to fix prices, although they do monitor and react to each other’s published prices.

The CCS said that a study into the retail petrol market commissioned last year showed that retail petrol prices moved in tandem with wholesale petrol prices over a six-year period between Jan 1, 2010 and Jan 31, 2016. And although the pass-through was neither complete, nor immediate, it said that the effect was the same, whether wholesale petrol prices increased or decreased.

For every 10 cent change in the wholesale price of petrol, pump prices moved by 7 cents in the same direction, CCS said, adding that this took place over a 10-day period on average.

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No evidence of collusion in petrol prices: Competition Commission | TODAYonline.

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