Fuel prices might drop after Friday: Ministry
The scheduled fuel price revision every two months would come to effect on Friday (10) where there might be a drop in fuel prices, the Finance Ministry said.
Fuel prices are determined every two months according to the pricing formula introduced on July 10 but it had not affected kerosene prices.
Ministry’s Information Director M. Ali Hassan said when compared with the July international crude oil prices, they had dropped this month.
He said according to World Market prices a barrel of crude oil was selling at SGD73.85 in July and SGD98.09 in May while it had dropped to SGD69.05 this month.
“Therefore, there may be a drop in the prices in the wake of Friday’s fuel pricing committee meeting,” Mr Hassan said.