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Impact of petrol duty hike go beyond immediate effect on cost of living

One of the most talked about announcements from Budget 2021 delivered by Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday (Feb 16) was the hike in petrol duties.

Most drivers are concerned with how much this could push up costs of driving.

After all, yesterday’s mark-up mean petrol duties will hit a high this year at 79 cents for premium fuel and 66 for intermediate grade fuel.


MARGINAL IMPACT ON COST OF LIVING IN IMMEDIATE TERM
True, drivers would be impacted but the effect may be varied.

For large privately owned vehicles (say 2.4 litres or more), the increase would mean about S$100 to S$150 extra a month (assuming 1,000 litres a month consumption).

If you drive for lifestyle rather than for your livelihood, this increase may be negligible compared to the price of the car, its annual depreciation and where most season parking fees are in that range or more.

And thankfully, taxis, private hirer drivers and motorcyclists (who make a bulk of food deliverers) who use their vehicles for work will get rebates.


LIMITED IMPACT ON PETROL INDUSTRY
Petrol companies will likely pass the increase in petrol duty in its entirety to the consumer instead of absorbing the tax hike to use this pricing difference to gain market share, since the fight for market share has only short-term benefits, for example, in relieving storage constraints at the refineries.

They are more likely to focus on enhancing brand loyalty with related discounts and promotions to maintain a long-term market share stability.

Our oil industry will not be affected significantly. Only 20 per cent of our local refinery production of petrol and diesel is for domestic use. Growing regional demand for these fuels where car growth is not restricted will most likely soak up the displaced volume.

Read details of this news here. : เป็นนัก เล่นสล็อต ที่ดีควรทำตามสิ่งเหล่านี้!

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