SG: Petrol Duty rates increase
Drivers will have to pay more for petrol from today onwards, as there will be an increase in petrol duty rates. However, the increased cost of fuel should be offset by a one-year road tax rebate. The statement was made by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, and he believed that the rise in petrol duties will help to encourage less to drive, and in turn, helping to reduce the carbon emissions. Currently, the duty for premium-grade petrol is 44 cents, and that will be raised by 20 cents per litre to 64 cents per litre. The duty for intermediate-grade petrol will increase to 56 cents from the current 41 cents. However, even though the duties have gone up, as oil prices have dropped, the overall price of fuel is less than it has been for the past two and a half years. To offset this, a one-year road tax rebate will be implemented. Expect rebates of 20 per cent for cars, 60 per cent for motorcycles and 100 per cent for the small number of petrol-fueld commercial vehicles, and will cost the Government $144 million.Pictures used for illustration purposes only.
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