Monthly Archives: July 2008

Abbrievations in Singapore

Expressways

AYE = Ayer Rajah Expressway
BKE = Bukit Timah Expressway
CTE = Central Expressway
ECP = East Coast Parkway
KJE = Kranji Expressway
KPE = Kallang-Paya Lebar Expressway
PIE = Pan-Island Expressway
SLE – Seletar Expressway
TPE = Tampines Expressway

Payment/Taxes

COE = Certificate of Entitlement
ERP = Electronic Road Pricing

Parking

URA = Urban Redevelopment Authority
HDB = Housing Development Board
MSCP = Multi-Storey Car Park

Petrol and diesel down 10 cents

Channel NewsAsia

In the largest cut to date, pump prices of petrol and diesel have been adjusted down by 10 cents.

As of 10am Monday, stations run by SPC, Shell and Caltex had their pump prices down to S$2.110 for premium unleaded and S$2.036 and S$2.003 for 95 unleaded and 92 unleaded petrol respectively.

With on-site discounts, this brings the mid-range 95 unleaded petrol below the two dollar mark for the first time in months.

As for diesel, it is now priced at S$1.863 per litre.

Crude oil futures are holding steady and hovering at a seven-week low of about US$123 a barrel, despite talk over the weekend that the price of oil could drop to between US$70 and US$80 a barrel in global trade.

OPEC chief Chakib Khelil said on Saturday that the price of oil could drop if the dollar strengthens and concerns over Iran are reduced.

At Friday’s close of trade, oil was around US$125 a barrel in London and New York.

Analysts say oil prices are down as demand is sagging amid slowing economies and fresh signs of rising supply.

After spiralling up from the last weeks of June, crude oil prices have dropped by nearly US$25 on both sides of the Atlantic in less than two weeks.

– CNA/sf

http://www.channelnewsasia.com/stories/singaporelocalnews/view/363228/1/.html

Pump prices down 3 cents just days after a cut

Channel NewsAsia

After constant price hikes at fuel stations, motorists have cause to smile these days. Just days after adjusting their pump prices downwards, fuel stations are offering 3 cents a litre less for all grades of petrol as well as diesel.

SPC was the last to adjust its prices at noon on Thursday, a move it said was to reflect current conditions on world oil markets.

The 92-octane unleaded petrol now costs S$2.103 per litre, the 95-octane unleaded S$2.136 a litre and the 98-octane grade petrol is priced at S$2.21 a litre. The diesel price stands at S$1.963 per litre.

Since 2002, world oil prices have seen a sixfold rise, causing consumers to feel the pinch as fuel prices spiralled along with the cost of living.

Singapore’s consumer inflation in June was 7.5 percent higher compared with a year ago due mainly to higher costs in items like transport.

The rise reflects the precarious climb of oil prices over the past few months, with anticipated demand and speculators being blamed.

But just as concerns were being raised, oil prices began to reverse direction.

On Thursday, crude oil prices drifted down to US$124.28 a barrel – that’s more than US$22 below the all-time high hit just two weeks ago.

The lower prices came as a US government report showed a larger-than-expected increase in domestic US gasoline stocks.

Analysts also point to declining demand in the United States, the world’s biggest energy user.

Hurricane Dolly, which had caused oil prices to firm briefly early this week, also had little impact as it left in its wake only minor output cuts at some oil refineries and offshore oil and natural gas facilities in the Gulf of Mexico. – CNA/sf

http://www.channelnewsasia.com/stories/singaporelocalnews/view/362426/1/.html

CNG-car drivers may have to pay additional tax from 2010

ChannelNewsAsia
Margaret Perry

A lack of refuelling stations is not the only concern worrying drivers who are considering switching to Compressed Natural Gas (CNG). Drivers of CNG vehicles may have to pay an additional tax from 2010.

Sales Manager Isaac Tan drives 35,000 kilometres a year – much of it for his job.

Earlier this year, he bought a new car and planned to convert it for CNG use, to save fuel costs and the environment.

But he changed his mind at the last minute, because of costs – even though buyers of hybrid and CNG vehicles benefit from the Green Vehicle Rebate. This gives the buyer a 40 per cent discount on the car’s Open Market Value until 31 December 2009.

Mr Tan said, “I was surfing… the LTA website, ONE.MOTORING, and I realised there is this Special Tax involved on CNG. Right now, the government has waived it until 31 December 2009, but beyond that it’s unclear.”

Recovering fuel duty and discouraging the use of polluting vehicles are reasons for the Special Tax.

Currently drivers of petrol vehicles pay duty of 41 cents per litre of intermediate grade petrol every time they top up their tanks.

So the owner of a 1,500cc petrol car who drives the average 21,000 kilometres a year spends about S$3,550 on petrol, of which about S$660 is petrol duty.

But duty is not charged on diesel or CNG at the filling station.

And diesel engines create more pollution. For example, the latest EURO IV diesel engines create five times more of the pollutant called PM2.5 than a petrol-driven car.

Special tax for EURO IV diesel vehicles is pegged at S$1.25 per engine cc. So the owner of a 1,600cc diesel vehicle pays S$2,000 a year in Special Tax.

The owner of a 1,600cc diesel vehicle who drives the average 21,000 kilometres a year would spend about S$1,900 a year on diesel.

But CNG vehicles produce cleaner emissions than petrol vehicles, so are exempt from Special Tax until 31 December 2009.

The Land Transport Authority (LTA) has not yet decided whether to extend the exemption. But it said if Special Tax is imposed on CNG cars, it will not necessarily be the same as that on Diesel IV vehicles.

Mr Tan said: “The way the government is setting the policies – or not setting the policies, rather – is not helping the public. And in fact, if they really want to encourage the public to go to greener vehicles, then they should set the policies right in the first place.”

LTA said it will announce its decision on the Special Tax for CNG cars in due course. So for now, drivers considering a CNG vehicle will have to live with the uncertainty of higher taxes in future or wait until a decision is made. – CNA/ms

http://www.channelnewsasia.com/stories/singaporelocalnews/view/362309/1/.html

COE prices for all categories fall in latest bidding exercise

Channel NewsAsia

COE prices for all categories of vehicles fell in the latest 3-day bidding exercise which ended on Wednesday.

The biggest drop was seen in the COE price for bigger cars of more than 1,600cc – down S$1,266 to S$14,235.

The COE premium for cars 1,600cc and below fell S$584 to S$14,101, while those in the Open Category – where the certificates are usually used to buy cars – went down by S$803 to S$14,858.

In the Goods Vehicles and Bus Category, the COE price fell S$300 to S$12,659.

The motorcycle COE was down S$62 to S$1,489. – CNA /ls

http://www.channelnewsasia.com/stories/singaporelocalnews/view/362219/1/.html