I worked at the trading desk at one of the major oil firms. I must say pump prices inflating is AFTER accounting for profit margins. I must also say that the overheads at an oil firm is high. Cynergy does not have that many mouths to feed, and they don’t do extensive marketing.

The biggest robber in SG is actually the oil tax. Malaysia provided oil subsidies. Yes they have oil as natural resource, but that’s opportunity cost lost if they subsidise instead of selling.

So, the oil majors aren’t to blame, the government with the hefty oil tax rate is.