Petrol prices, except for SPC's, creep up as economies reopen

Pump prices have moved up with higher wholesale fuel prices as economies progressively reopen. PHOTO: ST FILE

SINGAPORE - After a month of staying at their lowest in several years, pump prices have moved up in line with higher wholesale fuel prices as world economies reopen after the Covid-19 pandemic lockdowns.

The popular 95-octane petrol is now three cents higher at $2.02 a litre at Caltex, Esso and Shell, and six cents higher at $2.05 at Sinopec.

Only SPC's price remains unchanged at $1.99. SPC's 92-octane fuel costs $1.95 and its 98-octane fuel is $2.33, while its diesel costs $1.67, making its fuels the cheapest here. Except for its diesel, which it raised by three cents to $1.67 in mid-June, the Chinese-owned firm has not changed its pump prices since early May.

The 92 grade is retailing at $1.98 a litre at Caltex and Esso. It is not available at Shell and Sinopec. The 98 grade is $2.42 at Shell and Sinopec, $2.39 at Esso and $2.53 at Caltex.

Diesel is $1.70 a litre at Caltex, Esso and Shell, but $1.73 at Sinopec.

Meanwhile, Shell's V-Power is $2.65, while Sinopec's X Power is $2.58.

All prices are before discounts, and are posted by Fuel Kaki, a pump price tracker managed by the Consumers Association of Singapore.

RBOB gasoline, a publicly-traded commodity and a proxy for wholesale petrol price, is currently at around US$1.27 a gallon, up from around US$1.15 in late-June, and US$0.50 in April. Brent crude is above US$43.50 a barrel, up from US$40.30 in late-June, and less than US$20 in April.

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