Petrol prices drop to $2 level, a week after crude oil's record lows

Pump prices here have fallen by up to six cents a litre, a week after crude oil plunged to record lows.

Latest updates by fuel price tracker Fuel Kaki - managed by the Consumers Association of Singapore - showed that the price of 95-octane petrol, the most popular grade here, was $2.04 across all brands by yesterday afternoon.

Pump operators began making reductions on Wednesday, with newcomer Sinopec following yesterday morning. Caltex, which made smaller cuts on Wednesday, matched its rivals by around 1.30pm yesterday.

The 92-octane grade is now $2 at Esso, SPC and Caltex. Shell does not sell 92-octane petrol, and neither does Sinopec, which is said to get its supplies from the British-Dutch oil giant.

On the other end of the price spectrum, 98-octane petrol is cheapest at SPC, at $2.38 a litre (down five cents), followed by $2.41 (down six cents) at Esso and Sinopec, and $2.43 (down six cents) at Shell. Caltex is retailing its 98-octane, which it touts as a rival to Shell's V-Power, at $2.52 (down four cents) a litre.

The other grades by Shell (V-Power) and Sinopec (Sino X Power) are retailing at $2.65 and $2.55 a litre, respectively. Both are four cents lower than previously.

Diesel is cheapest at SPC, which is selling it at $1.64 a litre, followed by $1.67 at Esso, Caltex and Sinopec, and $1.68 at Shell. All these rates are five cents lower than before, except for Shell's, which is four cents lower.

All prices are before discounts.

The change came a week after oil prices nosedived. According to Bloomberg, the benchmark Brent crude hovered between US$19 and US$26 last week, down from US$68 in January and US$84 six months ago.

However, motorist Jimmy Kok, 66, said the reduction in prices here is "so little, and not exciting".

"I actually just pumped (petrol) two days ago, after waiting a week for the price to fall," said Mr Kok, who works in the aviation industry. "Looks like not worth the effort."

But he added he has been "saving more" because of reduced driving during the circuit breaker period.

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A version of this article appeared in the print edition of The Straits Times on May 01, 2020, with the headline Petrol prices drop to $2 level, a week after crude oil's record lows. Subscribe