Petrol back to $3 mark one week after pump prices ease
Sign up now: Get ST's newsletters delivered to your inbox
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Petrol prices have rebounded back to the $3 territory, one week after they eased.
According to pump price tracker Fuel Kaki, an initiative by the Consumers Association of Singapore, 92-octane petrol is $3.01 a litre at Caltex and Esso, and $2.94 at SPC.
Shell and Sinopec do not offer that grade, which can be used by the majority of cars here.
For 95-octane, the most popular grade, posted prices are $3.05 at Caltex, Esso and Sinopec and $3.09 at Shell.
Again, SPC is the only one with a sub-$3 rate, at $2.98.
For 98-octane, necessary for some direct injection engines and sports cars, prices are markedly higher - $3.52 at Esso and Sinopec, $3.58 at Shell and $3.46 at SPC.
The so-called premium grade 98-octane fuels are $3.71 at Caltex, $3.80 at Shell and $3.65 at Sinopec.
Posted prices for diesel are $2.82 at Caltex and Esso, $2.95 at Shell, $2.81 at Sinopec and $2.68 at SPC.
After discounts, Caltex still has the best offer - $2.44 with the OCBC Voyage card, beating even SPC's $2.50 (all participating cards).
For 95-octane, Sinopec's $2.39 (OCBC cards) is the lowest, but it has only three stations here.
Among companies with sizeable networks, Caltex again has the best offer - $2.47 with the OCBC Voyage card. Shell's $2.78 (UOB One card) is the highest.
For 98-octane, Sinopec's $2.77 (OCBC cards) is the lowest, followed by Esso's $2.89 (DBS Esso card) and SPC's $2.94 (all participating cards).
The rebound puts an end to a short reprieve last Thursday when most operators lowered 92-and 95-octane prices to below $3 after oil prices slid.
The benchmark Brent crude has since rebounded, from US$98 a barrel last week to US$117 a barrel in early trading yesterday, amid renewed talk of a ban on Russian oil.
Regular petrol prices here have not been above $3 until this year.
Last week, pump prices fell below $3, starting with Esso, which lowered its prices by 10 cents across the board. Last Thursday, its 92-octane petrol was $2.95, 95-octane $2.99 and 98-octane $3.46.
Apart from the Ukraine crisis, global oil prices have been boosted by strong consumer demand as the world moves on from Covid-19, while supply has not kept pace with demand.
