Petrol prices fall to as low as $2 a litre one week after crude oil plunge

All the reductions were made on April 29 except for Sinopec, which adjusted downwards on April 30, 2020. PHOTO: LIANHE ZAOBAO

SINGAPORE - Pump prices here have fallen by up to 6 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 Thursday (April 30) afternoon.

Pump operators began making reductions on Wednesday, with newcomer Sinopec following on Thursday morning.

Caltex, which made smaller cuts on Wednesday, matched its rivals by around 1.30pm on Thursday.

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, which is retailing it at $2.38 a litre (-5 cents), followed by $2.41 (-6 cents) at Esso and Sinopec, and $2.43 (-6 cents) at Shell.

Caltex is retailing 98-octane, which it touts as a rival to Shell's V-Power, at $2.52 (-4 cents) a litre.

The so-called special grades by Shell (V-Power) and Sinopec (Sino X Power) are retailing at $2.65 and $2.55 a litre respectively. Both are 4 cents lower than they were previously.

Diesel is cheapest at SPC, 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 5 cents lower than before, except for Shell's, which is 4 cents lower.

All prices are before discounts.

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