COE premiums posted double digit percentage gains at the end of the latest round of bidding on Wednesday.

The COE price for cars up to 1,600cc rose 10.3 per cent to $12,899, while the premium for cars above 1,600cc climbed 24.8 per cent to $14,840.

The Open category price was up 17 per cent to $15,100. The commercial vehicles premium saw the biggest gain, jumping 30% to $12,615.

COE prices for motorbikes posted the smallest gain, rising just one per cent to $901.

Of a total of 5,286 bids received, 3,516 were successful.

Motor traders told The Straits Times that they were resigned to price increases, though the extent of the jumps took some by surprise.

They added that prices were likely to go up again at the next round of bidding in three weeks time, when there would be more time for orders to accumulate.