Petrol pump prices fall after month-long climb
Petrol prices have fallen by as much as 13 cents a litre after a five-week climb that saw the popular 95-octane at Caltex breaching the $3 mark.
No other brand followed Caltex’s lead, which had pushed 95-octane petrol to $3.03 a litre before discounts on Sept 18, a level not seen since March 2022, after Russia invaded Ukraine. In fact, all the other pump operators started lowering prices.
According to Fuel Kaki, a pump price tracker by the Consumers Association of Singapore, petrol prices had fallen by between two cents and 13 cents by Oct 6. The biggest decrease was from Caltex – only because it had raised prices most aggressively.
But diesel stayed unchanged across three brands. The rate at Caltex fell by five cents, while SPC has raised its price by three cents since late September.
The 92-octane petrol, which can be used by the majority of petrol vehicles here, is now $2.85 at Caltex and Esso, and $2.84 at SPC. Shell and Sinopec do not offer this grade.
The 95-octane is now $2.90 a litre at all stations except SPC’s, where it is $2.88.
The regular 98-octane fuel is $3.37 at Esso and Sinopec, $3.36 at SPC, and $3.39 at Shell. And the so-called premium 98-octane petrol is $3.56 at Caltex, $3.61 at Shell and $3.50 at Sinopec.
The lower posted prices come on the back of falling oil prices. The benchmark Brent crude plummeted to US$84 a barrel in early October after breaching US$96 in late September.
But oil prices have been on the rebound since the Israel-Hamas conflict erupted on Oct 7. Brent for December delivery hovered just below US$91 a barrel on the Intercontinental Exchange in early trade on Monday.
Reuters reported on Monday that the conflict posed one of the most significant geopolitical risks to oil markets since Russia’s invasion of Ukraine in 2022, amid concerns about any potential escalation involving Iran.
After discounts, the 92 grade ranges from $2.34 to $2.45 at Esso, $2.34 to $2.39 at Caltex, and is a flat $2.41 at SPC.
The 95 grade is $2.27 at Sinopec, $2.45 at SPC, mostly $2.44 at Caltex, mostly $2.49 at Shell, and between $2.38 and $2.49 at Esso. While Sinopec has the lowest pump prices, it has only three stations, and its discounts are tied to only two credit cards issued by one bank.
The regular 98 grade is $2.65 at Sinopec, $2.86 at SPC, between $2.81 and $2.92 at Shell, and between $2.76 and $2.90 at Esso. Caltex does not offer this grade.
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