Fuel prices will cost you more, starting today.
This was announced by the Minister of Finance, Sili Epa Tuioti, yesterday.
The Minister announced increases in the retail Prices for Petrol by 18sene from $2.19 to $2.37 per litre, for Diesel by 22sene from $2.06 to $2.28 per litre and for Kerosene by 13sene from $1.79 to $1.92 per litre.
According to a statement from the Minister, “higher Singapore prices and a weakening SAT via the US$ resulted in landed costs increasing by 8-12 spl.
Lower Distributor costs were offset by increases in the Excise Duty, Terminal Fee and Petroleum Levy.”
A new study published Wednesday by consultants Deloitte finds that the oil and gas industry will need to make a minimum E&P investment of three trillion dollars over 2016-2020 just to sustain output and reserves at the present level.
“The current level of crude oil pricing is insufficient to sustain this level of investment – the potential outcome will be falling oil reserves which in turn will lead to higher prices by the end of the decade.
Retail Prices at Service Stations:
01-31 July 2016
Unleaded Petrol $2.37