Caltex raised pump prices by five cents a litre across the board at 4pm today. -- ST PHOTO: CHEW SENG KIM
CALTEX raised pump prices by five cents a litre across the board at 4pm today.
The increase - the third in five weeks - has pushed a litre of 92, 95 and 98-octane fuel to $1.687, $1.727, $1.83 respectively.
Caltex's diesel has climbed by five cents as well, to $1.313 a litre.
All the rates are before discount.
Current pump prices are now back to November levels. Rates have been on the uptrend since they bottomed out in December, when a litre of 92-octane petrol cost $1.493.
Today's increase comes on the back of higher oil prices. Crude oil futures touched US$69.50 a barrel today in Asia - up from US$60 two weeks ago, when the last pump increase was made.
Analysts expect oil to reach US$85 by end-2009 and US$95 by end-2010, as the world economies improve and demand rises. Last June, it hit a record of close to US$148 a barrel.
Caltex's price adjustment is likely to be followed by the other players here, namely ExxonMobil, Shell and Singapore Petroleum Co.
