In an interview, SMU Assistant Professor of Strategy & Entrepreneurship (Education) Terence Fan said the latest petrol price cut is a respite, but it's not so meaningful, and motorists are still nowhere close to pre-conflict fuel prices because there is a bit of a lag in how crude oil price declines translate to retail fuel prices. He stressed that until the Strait of Hormuz actually opens up meaningfully, we're probably not going to go anywhere near where things were before. Asst Prof Fan added that while the current drop is good in itself, it is not enough to say that the price increases are over, and Singaporeans should view it as more of a temporary breather and be prepared for some further price increases if inventories fall and the situation remains unresolved.
