Sad to learn that a senior friend had lost his son due to some sudden heart issue. Rest in peace to the son and be strong to the living. Just like this news in Singapore today: "Ex-national swimmer dies of cardiac arrest - My Paper Feb 26, 2015". Life is fickle and sudden cardiac arrest simply kills and nothing much could had been done to diagnose!!
"Petrol companies ordered to explain latest price hikes - The Straits Times Feb 26, 2015
PETROL companies have been ordered by the Competition Commission of Singapore (CCS) to explain their latest price rises, which were more than the recent increase in government duty. The move came after the Consumers Association of Singapore (Case) on Tuesday accused the four players here - Caltex, Esso, Shell and Singapore Petroleum Company (SPC) - of profiteering.
Pump prices across the island were raised by up to 25 cents per litre for 98-octane-grade petrol and as much as 18 cents for 95-octane on Tuesday, a day after the Government raised tariffs by 20 cents a litre for premium-grade petrol and 15 cents for the intermediate grade.
In a strongly worded joint statement to The Straits Times last night, the Ministry of Trade and Industry and CCS said: "We will not hesitate to take firm action against parties who are found to be engaging in anti-competitive behaviours at the expense of consumers."
The CCS was set up by the MTI to enforce competition law here and target anti-competitive practices, such as price-fixing and other abuses of market power. Petrol firms defended their move, saying that prices are not determined by government excise duties alone.
Case has sent letters to all four petrol firms here, asking each to explain why they increased prices. As of last night, no replies had been received. Mr Seah Seng Choon, Case's executive director, said: "If they cannot explain, I would say that basically, they are profiteering. We reckon that the petrol firms used this (the tax hike) as an opportunity to increase prices and profit."
He pointed out that profiteering is not illegal but added: "As businesses, they need to operate in a responsible way. Increasing prices without proper justification to consumers is not ethical.""
THIS IS WONDERFUL! Case and the CCS have acted SWIFTLY and decisively against this hard not to suspect that the petrol companies acted together a day after the petrol duty tax was raised by the government!
Lessons for me are:
1. Case has to be more aggressive against profiteering businesses in Singapore given that the populace is already feeling the pressure of ever increasing cost of living! Of course, we are not advocating blind harassment of decent operating businesses but just don't be overly soft and merciful with errant businesses!;
2. it is obvious that after the shameful Sim Lim Square rogue retailers, in particular ONE of a kind retailer, fiasco, Case and the authorities, in this case CCS had learned their lessons and realised that immediate actions to address potential abuses by traders, merchants and businesses are absolutely critical to instill confidence that their existence count!;
3. the petrol companies can explained for all they want. The perception, rightly or wrongly, had already been created that they were abusing the increase in petrol duty by the government. Though it is not illegal as mentioned by Case, it is unethical and will not win too many friends. Having said that, in a oligopoly market like petrol sales, the consumers really have NOT too many chance to rebel! UNLESS, someone is willing to organize the vehicle owners to boycott any petrol companies here. An unlikely scenario as Singaporeans are not wired that way. They will make some noises and they will just pay and get on with life! Not ideal but probably will be how this thing play out!
Drive economically with your petrol! Never mind the crude oil prices trending lower in the world market. We are Singapore!! Yes? ;-)
"Petrol companies ordered to explain latest price hikes - The Straits Times Feb 26, 2015
PETROL companies have been ordered by the Competition Commission of Singapore (CCS) to explain their latest price rises, which were more than the recent increase in government duty. The move came after the Consumers Association of Singapore (Case) on Tuesday accused the four players here - Caltex, Esso, Shell and Singapore Petroleum Company (SPC) - of profiteering.
Pump prices across the island were raised by up to 25 cents per litre for 98-octane-grade petrol and as much as 18 cents for 95-octane on Tuesday, a day after the Government raised tariffs by 20 cents a litre for premium-grade petrol and 15 cents for the intermediate grade.
In a strongly worded joint statement to The Straits Times last night, the Ministry of Trade and Industry and CCS said: "We will not hesitate to take firm action against parties who are found to be engaging in anti-competitive behaviours at the expense of consumers."
The CCS was set up by the MTI to enforce competition law here and target anti-competitive practices, such as price-fixing and other abuses of market power. Petrol firms defended their move, saying that prices are not determined by government excise duties alone.
Case has sent letters to all four petrol firms here, asking each to explain why they increased prices. As of last night, no replies had been received. Mr Seah Seng Choon, Case's executive director, said: "If they cannot explain, I would say that basically, they are profiteering. We reckon that the petrol firms used this (the tax hike) as an opportunity to increase prices and profit."
He pointed out that profiteering is not illegal but added: "As businesses, they need to operate in a responsible way. Increasing prices without proper justification to consumers is not ethical.""
THIS IS WONDERFUL! Case and the CCS have acted SWIFTLY and decisively against this hard not to suspect that the petrol companies acted together a day after the petrol duty tax was raised by the government!
Lessons for me are:
1. Case has to be more aggressive against profiteering businesses in Singapore given that the populace is already feeling the pressure of ever increasing cost of living! Of course, we are not advocating blind harassment of decent operating businesses but just don't be overly soft and merciful with errant businesses!;
2. it is obvious that after the shameful Sim Lim Square rogue retailers, in particular ONE of a kind retailer, fiasco, Case and the authorities, in this case CCS had learned their lessons and realised that immediate actions to address potential abuses by traders, merchants and businesses are absolutely critical to instill confidence that their existence count!;
3. the petrol companies can explained for all they want. The perception, rightly or wrongly, had already been created that they were abusing the increase in petrol duty by the government. Though it is not illegal as mentioned by Case, it is unethical and will not win too many friends. Having said that, in a oligopoly market like petrol sales, the consumers really have NOT too many chance to rebel! UNLESS, someone is willing to organize the vehicle owners to boycott any petrol companies here. An unlikely scenario as Singaporeans are not wired that way. They will make some noises and they will just pay and get on with life! Not ideal but probably will be how this thing play out!
Drive economically with your petrol! Never mind the crude oil prices trending lower in the world market. We are Singapore!! Yes? ;-)
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