All fuel pump prices down after Esso's rate cut

All fuel pump prices have fallen since Esso initiated a sharp 14-cent cut in rates last week.

According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, the other four brands - Caltex, Shell, Sinopec and SPC - adjusted their posted prices downwards at the weekend.

All matched Esso's reduction of 14 cents for petrol and four cents for diesel, except for SPC, which cut the diesel price by seven cents and petrol prices by 16 cents a litre.

With the change, the price of a litre of diesel now ranges from $2.93 (SPC) to $2.98 (Caltex, Shell), and that of 92-octane petrol, from $2.94 (SPC) to $2.96 (Caltex, Esso) - the first time since April that all brands of 92-octane fuel are below $3.

This also means that the 92-octane petrol from Caltex and Esso is priced below their diesel rates - an uncommon occurrence as diesel, which attracts a far lower duty, has traditionally been less costly than the least expensive petrol here.

Shell and Sinopec do not offer 92-octane petrol.

The popular 95-octane grade is $3.01 across all brands except SPC, which is pricing it at $2.98. The 98-octane grade, necessary only for a minority of cars here, is between $3.46 (SPC) and $3.50 (Shell).

The so-called premium grade of 98-octane petrol is now between $3.50 (Shell) and $3.65 (Caltex).

After discounts, the lowest price for 92-octane petrol is $2.43 a litre from Caltex (using the OCBC 365 card) and Esso (DBS Esso card). The highest is $2.55 from Esso (Citibank Cash Back card and other OCBC cards).

For 95-octane, Sinopec's $2.36 (OCBC cards) is the lowest, but it has only three stations. Among those with a sizeable network, Caltex (OCBC 365) and Esso (DBS Esso) have the lowest rate of $2.47. The highest 95-octane rate is $2.59 at Shell (with cards other than UOB One) and Esso (Citibank Cash Back and OCBC cards except OCBC 365).

For 98-octane, Sinopec again has the lowest rate of $2.74 (OCBC cards), followed by Esso's $2.85 (DBS Esso). The highest rate is $3.01, posted by Shell (various Citibank and HSBC cards).

The pump price adjustment comes on the back of Brent crude oil futures tumbling below US$100 a barrel for the first time since April. RBOB gasoline, a proxy for refined petrol, is around US$3.20 a gallon (3.8 litres), the lowest in more than three months.

Inflation and rising interest rates are fuelling fears of a global recession, which would dampen oil demand. Motorists have also been cutting back on mileage clocked in response to steep pump prices, and a gradual shift to electric vehicles is also crimping fuel demand.