PETROL DUTY

Mr Tay Beng Chuan asked the Minister for Finance (a) what is the total amount of additional revenue collected by the Government from petrol duty as a result of the petrol pump price hikes since the commencement of the current financial year; and (b) whether there is any proposal to plough back this additional revenue to the economy to ease the cost pressure on the sectors adversely affected by the oil price increases.

Dr Richard Hu Tsu Tau: Monthly revenue from petrol duties has not risen significantly despite the increase in petrol prices. Monthly collections from April to August this year were $39.5 million, $40.8 million, $38.2 million, $42.4 million and $42.5 million respectively. During this period, the average pump price for petrol rose from $1.27 per litre to $1.42. In April 1999, when the pump price was at $1.12 per litre, the duties collected for that month was $39 million. This is equivalent to the amount collected this April when pump price was at $1.27.