You know what is a cartel? A search on dictionary.com returned the following results:

(A cartel is) an international syndicate, combine, or trust formed esp. to regulate prices and output in some field of business.

It basically means that there is some sort of agreement to raise or drop prices at the same time. That’s what 3 petrol companies in Singapore are doing. Shell, Caltex and Esso are raising prices together at the same time, apparently due to raising fuel prices per barrel. This really seem strange to me because I remembered that fuel prices were going up and down and it was reported to be at an "all time low" for a particular duration. However, the petrol companies never adjusted their prices to match that piece of news.

Now, fuel prices have hit a record high again before going down. However, it seems like the petrol prices will only go up and not go down. Conspiracy theory: it’s a means to increase the cost of ownership. But nay, I am not going into this uncharted water. I can be sued for defamation. =P

Shell, Caltex and Esso raise pump prices again

PUMP prices have risen again.

Petrol at Shell, Caltex and Esso stations rose by four centres a litre while diesel rose by five cents a litre.

Before a discount, the 92-octane grade is at $2.053 a litre, 95 at $2.086 and 98 at $2.16.

Diesel is now at $1.613 a litre.

Shell’s V-Power has risen by 3 cents to $2.279.

This is the second time in a month, with the previous hike on March 3.

Overall, this is the eighth consecutive hike since July last year.

Article obtained from straitstimes.com on 18th March 2008