Weighted average import prices compiled by the Census & Statistics Department are not appropriate to use in considering unleaded petrol and ultra-low sulphur diesel prices.

In response to media enquiries, the Government today said the figures are the average values of the imported consignments of the products in the Trade Declarations made by the oil companies for a particular month, which may not be the import prices of individual consignments.

Consignments covered by a Trade Declaration cannot be purchased or put out onto the market in the month when it is made. There is also a time lag of at least four weeks before such data is available.

Noting the limitations with the data, the Government has been monitoring trend movements in prices for Brent Crude oil and Singapore FOB prices (the generally accepted regional benchmark for pricing), in addition to local pump prices, with data compiled by the department.

The Government will continue to closely monitor international oil price movements to ensure oil companies will not take longer to adjust prices downward than upwards.