PETROLEUM PRODUCTS (Retail pricing)

Mr Chin Harn Tong asked the Minister for Trade and Industry (a) whether he is satisfied that the Government has achieved its announced objective of creating a free market in petroleum products for Singapore consumers by deregulating the retail pricing of petroleum products; (b) whether the hefty price increases recently posted by the oil companies for their retail petroleum products are warranted; and (c) whether the oil companies have been equally prompt and faithful in their retail down pricing when crude petroleum prices fell in the past.