CASE chief urges Singapore petrol companies to promptly adjust pump prices when global prices fall

SINGAPORE – Petrol companies in Singapore should practise greater price transparency, and promptly and fairly reflect reductions in global oil prices at the pump, said Consumers Association of Singapore (CASE) president Melvin Yong.

Speaking at a dinner on March 15 to mark the association’s 55th anniversary, Mr Yong said that recently, within just a few days, several petrol operators raised pump prices multiple times.

However, he noted, when international oil prices fell, local oil companies continued raising the price of 95-octane petrol.

“Consumers understand that global events and geopolitical tensions can affect our oil markets. But they are also asking a reasonable question,” said Mr Yong in his speech at Amara Sanctuary Sentosa.

“When global oil prices go up, pump prices move up quickly. But when global prices fall, consumers expect these savings to be reflected just as quickly,” he added, calling on petrol companies based in Singapore to exercise greater transparency and restraint in price adjustments.

The Straits Times reported on March 13 that petrol station operators have been raising their prices, at times more than once a day, as global crude prices see-sawed along with developments in the Middle East.

Since 2pm on March 13, the posted price of 95-octane petrol at Caltex has been $3.45 per litre, which surpasses records set during the Ukraine crisis in 2022, when Caltex and Shell posted a price of $3.42 per litre.

Mr Yong encouraged consumers to use CASE’s Price Kaki app to compare petrol prices and make more informed choices.

He also said that another area of concern for the association is prepayment-based business models, where businesses that have collected large prepayments from consumers close down suddenly, leaving consumers with significant losses.

“While responsible businesses have stepped forward in some cases to help affected consumers, goodwill alone cannot be the solution,” said Mr Yong.

He added that CASE has urged the Government to introduce “a mandatory cooling-off period for all businesses that collect significant prepayments”.

“This will give consumers time to reconsider their purchases, reduce pressure sales tactics, and strengthen safeguards for consumers,” he said.

At the dinner, Senior Minister of State for Trade and Industry Low Yen Ling said that the Government is working with CASE to protect consumers against prepayment losses, and examining unfair practices in the beauty and wellness sector.

To this end, she encouraged consumers and businesses to participate in a public consultation that will be launched by the Consumer Protection Review Panel on March 16.

Convened in March 2025, the panel was formed to propose improvements to the Consumer Protection (Fair Trading) Act, which was last amended significantly in 2018.

The panel is looking into a range of issues that includes prepayment losses for big-ticket purchases and prepaid packages, as well as pressure sales tactics in the beauty and wellness sector.

It is also studying misleading and manipulative user interfaces on e-commerce platforms, disamenities in the entertainment sector, and access to recourse in the event of disputes.

CASE previously said the public consultation will focus on consumer experiences and pain points, industry norms and challenges, as well as international trends and best practices for emerging consumer issues.

The consultation closes on April 19, and the panel is slated to submit its recommendations to the Government in the second half of 2026.

In addition, Ms Low announced that an ongoing pilot that helps shoppers compare prices of grocery items across brands and suppliers will be expanded later in 2026.

Launched in September 2025, the pilot involves major supermarket chains displaying unit prices of selected household essential items such as rice, meat, seafood and formula milk powder across more than 180 outlets islandwide.

Ms Low said the Government will expand the pilot to cover more supermarket operators – both in-store and online – and a wider range of grocery items.

She said consumers’ feedback has been positive, and that they appreciate knowing the cost per unit as it helps them plan budgets and purchases better, and avoid overspending.

Ms Low added that the Government and Case have received suggestions to improve the clarity and consistency of unit price displays, such as by adjusting the standard units for certain products.

These suggestions will be carefully studied, she said.

She added that a workgroup has been formed to oversee the expanded pilot, and work on guidelines for a formal roll-out of the unit pricing programme in future.

The workgroup, which held its inaugural meeting earlier in the week, is co-chaired by Mr Yong and Sheng Siong chief executive Lim Hock Chee.