Friday June 17, 2005 
Friday June 17, 2005
In the midst of crude prices going up even as OPEC lifted production quotas, counter-intuitively, Singapore seems to be having a petrol price war going on.
The battle began at the start of the week when Shell raised its discount from 10 per cent to 13 per cent. The other companies quickly responded, and yesterday, much to motorists' delight, the price war reached fever pitch.
Determined to stay ahead, Shell upped its rebate three times during the day, from 14 per cent to 17 per cent, then to 20 per cent, and at 5pm, to 23 per cent. Yesterday evening, the other petrol companies — Caltex, SPC and ExxonMobil — were all offering 23 per cent discounts. But late last night, following a further hike by Caltex, Shell again raised its discount, also to 26 per cent.
Can these heavy discounts be sustained? ... the Shell spokesperson conceded that they are "not sustainable in the long-run with rising oil prices" ...
(2005-06-17 12:53:02 SGT)
[Energy]
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