PUBLISHED ONMarch 16, 2026 3:49 AMBYSean LerSingapore's consumer watchdog has urged fuel companies in Singapore to "exercise greater transparency and restraint" in pump price adjustments after they raised prices for five consecutive days last week.
The comments were made by Consumer Association of Singapore (Case) president Melvin Yong at the association's 55th anniversary and partners' appreciation dinner on Sunday (March 15).
In his speech, Yong noted that consumers today face new and evolving concerns, such as those faced by motorists given the sharp rise in petrol prices.
"Within just a few days, several petrol operators raised pump prices multiple times. However, when international oil prices fell as reported in local news last week, local oil companies continued raising the price of 95-octane gasoline," Yong said.
He added that consumers are aware that global events and geopolitical tensions can affect oil markets: "When oil prices go up, pump prices move up quickly. But when global prices fall, consumers expect those savings to be reflected just as quickly."
Yong called on fuel companies in Singapore to "exercise greater transparency and restraint" in price adjustments and to ensure that global oil prices are reflected promptly and fairly at the pump.
Pump prices for the popular 95-octane petrol reached a new high, last set during the Russia-Ukraine war in 2022, on March 13.
Caltex's latest posted price of $3.45 for its 95-octane petrol surpassed its previous high of $3.42 per litre, set with Shell in June 2022. That came after the European Union announced a ban on Russian oil following its invasion of Ukraine.
Meanwhile, posted price for the more premium 98-octane petrol is now 8 cents away from the $4 mark at Shell.
All fuel companies held their prices over the weekend.
| Company / Fuel | 92-octane | 95-octane | 98-octane | Premium | Diesel |
| Caltex | $3.41* | $3.45* | Not available | $4.14* | $3.49* |
| Esso | $3.36* | $3.40* | $3.90* | Not available | $3.49* |
| Shell | Not available | $3.40* | $3.92* | $4.14* | $3.49* |
| Sinopec | Not available | $3.40* | $3.90* | $4.03* | $3.48* |
| SPC | $3.36 | $3.39 | $3.90 | Not available | $3.40 |
Prices are correct as at 9pm on March 13. *Indicates change to posted price on March 13 | |||||
At the event on Sunday, Case also announced that it is working with the Government to safeguard consumers against pre-payment losses, and examining unfair practices in the beauty and wellness sector - which saw cumulative losses exceeding $2.1 million in 2025.
The association said there have been cases in recent years where businesses collecting large prepayments suddenly ceased operations, leaving consumers with significant losses.
In January this year, massage and foot reflexology chain Wan Yang's closure saw losses reach approximately $1.29 million in unused prepaid packages.
Yong noted that some CaseTrust-accredited businesses have stepped forward to assist affected consumers by providing complimentary services — capped at a total of $150 — but added that "goodwill alone cannot be the solution".
He called on 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," Yong said.
Providing an update on the Consumer Protection Review Panel convened in 2025, Senior Minister of State for Trade and Industry Low Yen Ling said at the same event that the panel will be launching a public consultation on Monday to seek feedback and suggestions from the public and industry.
She encouraged consumers and businesses to share their views to help shape policies that can better protect consumers while facilitating enterprise.
The panel is due to submit its report and recommendations later this year.
[[nid:731453]]