SINGAPORE: Certificate of Entitlement (COE) premiums closed higher across all categories in the latest bidding exercise on Wednesday (May 6).

For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$124,790 (US$98,150), up 1.45 per cent from S$123,010 in the last exercise.

Premiums for larger and more powerful cars in Category B rose by 4.33 per cent to S$126,236 from S$121,001.

COEs for commercial vehicles, which include goods vehicles and buses, closed 4.76 per cent higher at S$87,479, compared to S$83,501 in the previous bidding exercise.

Motorcycle premiums closed at S$9,452, up 1.74 per cent from S$9,290 in the last exercise.

Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose by 2.16 per cent to S$127,700 from S$125,002.

A total of 5,042 bids were received, with a quota of 3,260 COEs available.

The Land Transport Authority (LTA) said on Apr 22 that its review of COE categorisation was ongoing, after Category B premiums fell below those of smaller Category A cars for the second time in around two months. 

Acting Transport Minister Jeffrey Siow said in March that the price convergence was caused by manufacturers adjusting car specifications so they fit into Category A. 

"We will gather views from the public and from the industry on how to improve the COE categorisation for cars," he told parliament when announcing LTA's review.

LTA raised the COE quota for May to July slightly, making 19,052 available as compared to the 18,824 put out for the February to April period.