Pump prices in S'pore rise, 92-octane fuel prices reach new highs amid renewed talks of Russian oil ban

Prices of 92-octane petrol have reached new highs, while diesel breached the $3 mark for the first time. PHOTO: ST FILE

SINGAPORE - Fuel pump prices are on the rise again, sparked by fresh fears of a ban on Russian oil.

Prices of 92-octane petrol have reached new highs - rising by as much as nine cents a litre to range from $3.04 (Singapore Petroleum Company) to $3.10 a litre (Caltex).

And diesel has breached the $3 mark for the first time, with Shell posting a rate of $3.08 a litre, and Caltex and Esso just four cents away from $3. It is $2.89 a litre at Sinopec and SPC.

According to the Consumers Association of Singapore's pump price tracker, Fuel Kaki, 95- and 98-octane fuels have chalked slightly more modest increases - possibly reflecting a continuing migration from higher octane fuels to the lowest 92-octane, which can be used by the majority of cars here.

The popular 95-octane is now between $3.07 (SPC) and $3.19 (Shell) - up from $3.03 (SPC) and $3.11 (Caltex, Shell) a week ago.

The 98-octane range is now between $3.55 (Sinopec, SPC) and $3.68 (Shell) - up from $3.51 (Esso, Sinopec and SPC) and $3.60 (Shell).

The so-called premium grade of petrol (which is also 98-octane) is now between $3.68 (Sinopec) and $3.90 (Shell). At their highest in March, the posted prices of this grade ranged from $3.64 (Sinopec) to $3.94 (Shell).

The benchmark Brent crude inched towards a three-week high of US$113 a barrel in early trade on Friday (May 6) as the European Union discusses a partial ban on Russian oil in response to Moscow's invasion of Ukraine in February.

Russia is the world's third-largest oil producer, and any ban on its exports will crimp supply and put pressure on prices.

After discount, the cheapest 92-octane petrol is at Caltex stations - $2.51 a litre (with the OCBC Voyage card), followed closely by Esso's $2.53 (with DBS Esso card).

The cheapest 95-octane fuel is $2.41, if it is bought with OCBC cards at three Sinopec stations. Among retailers with sizeable station networks, the cheapest 95-octane is Caltex's $2.55 (OCBC Voyage card).

And the cheapest 98-octane fuels - necessary for only a minority of vehicles - are from Sinopec ($2.79, with OCBC cards) and Esso ($2.95, with DBS Esso card).

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