Tag Archive | "collusion"

Petrol companies in S’pore caught raising prices together made to raise prices one after another as punishment

Petrol companies in S’pore caught raising prices together made to raise prices one after another as punishment

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Horrible punishment awaits them.

petrol-kioks-singapore

Minister of State for Trade and Industry Teo Ser Luck said in Parliament on March 9, 2015 that petrol companies caught engaging in anti-competitive behaviour by raising pump prices together will be severely dealt with.

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This echoes the sentiments by the Consumers Association of Singapore recently, which said that petrol firms will face the full brunt of the law for their price collusion practices that put consumers at a disadvantage.

Mei You Yong, a CASE representative, said: “We will take a strong stance against petrol companies found to raise prices together at the same time that leads to profiteering.”

“We have noted that petrol prices rose by up to S$0.25 for a litre of 98-octane grade petrol and as much as S$0.18 for 95-octane grade petrol a day after the increase in petrol duty was announced in this year’s Budget 2015.”

“To let these petrol companies know this is not a small matter the authorities will overlook, we will punish them by making them raise prices one after another. This will not only inconvenience them, but also show them that they do not have carte blanche to manipulate prices as and when they like.”

“It will also show our commitment to consumers.”

“If push comes to shove, we will even implement a system where petrol companies have to take a number to see who gets to raise prices first.”

“That would really show them.”

 

We have another badass institution over here:

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