In Singapore, Mr Wong highlighted that the country collects fuel duties and road taxes for revenue, and also to price the negative externalities of vehicle transport, such as the impact on public health and the environment.
Fuel duties collected averaged S$920 million a year over the last five years, and revenue from these duties and taxes adds to the pool of resources available for various programmes and subsidies that “directly benefit” Singaporeans, he said.
Mr Wong noted, however, that some groups, like taxi and private-hire car drivers, as well as delivery riders, are particularly affected by the increase in petrol and diesel prices.
“Various taxi and private-hire car operators have implemented temporary increases in fares to help cushion the higher fuel prices for drivers, and to have consumers share the burden,” he added.
“They also have tie-ups with petrol companies to offer fuel at discounted prices, to help drivers and riders manage higher fuel costs.”
Those whose incomes are impacted and are in need of financial assistance can approach the social service officers, community centres or self-help groups, Mr Wong stated.