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.
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.