Petrol station
Representational image of a petrol station Pixabay

Singapore may soon develop a web portal or app to increase transparency and help consumers compare petrol prices.

The website or app will also encourage more transparent competition among the petrol retailers, given the potential entry of a fifth retailer, Sinopec, in Singapore, according to the competition watchdog.

The Competition Commission of Singapore (CCS) said that while it cannot find evidence of collusion between petrol retailers in Singapore, "there is scope to increase the transparency of effective retail petrol prices".

The announcement followed the release of key findings on Tuesday from its second inquiry into the retail petrol market in February 2015, when crude prices crashed globally.

During the priod, CCS said it received feedback that retail petrol prices had not fallen in tandem with crude oil price declines.

CCS said dDiscount and rebate schemes are complicated and make price comparison difficult for consumers.

"If information on effective prices, i.e. retail prices net of petrol discounts and rebates, was made simpler and available, consumers would be able to effectively compare prices and make more informed petrol purchase decisions."

CCS said this would facilitate a more price-competitive retail petrol market in Singapore, as petrol retailers would then be encouraged to offer better prices and promotions to attract consumers.