Petrol prices fall to lowest in four months, with two grades below $3 a litre

The reduction came on the back of further easing in wholesale fuel prices. ST PHOTO: ARIFFIN JAMAR

SINGAPORE - Fuel pump prices continued to slide on Friday (July 22), losing up to seven cents a litre to settle at four-month lows.

According to Fuel Kaki, a pump price tracker set up by Consumers Association of Singapore, the posted price for diesel now ranges from $2.91 (Sinopec, SPC) to $2.93 (Caltex, Shell). As recently as two weeks ago, they were all above $3 a litre.

As for petrol, the 92-octane grade is a uniform $2.89 a litre. Two weeks ago, it was $3.30.

The popular 95-octane is $2.94 a litre except at SPC, where it costs one cent lower.

The 98-octane grade, necessary only for a few cars, is $3.14 except at Shell, where it is $3.43. The so-called premium 98-octane grade is between $3.43 (Shell) and $3.58 (Caltex).

The reduction came on the back of further easing in wholesale fuel prices. RBOB gasoline, a proxy for refined petrol, last closed at US$2.99 a gallon - its lowest since March.

Industry watchers said rising inflation and fears of an approaching recession have caused people to cut back on driving and commuting.

After discount, Caltex's 92-octane is between $2.37 and $2.43 a litre, while Esso's is between $2.37 and $2.49.

At SPC, the only other operator which offers 92-octane, the fuel is a uniform $2.46.

The 95-octane fuel is cheapest at Sinopec, at $2.30 a litre. Among operators with sizeable station networks, Caltex's 95-octane is $2.41 for OCBC 365 card, and $2.47 for a range of other cards, while Esso's prices range from $2.41 to $2.53.

The 98-octane fuel is $2.68 at Sinopec, but only with OCBC cards.

Elsewhere, the petrol is $2.90 at SPC (a range of cards), and between $2.80 and $2.93 at Esso. At Shell, the fuel is $2.85 (HSBC Premier Mastercard and UOB One card) and $2.95 (a range of other cards).

The last time pump prices were lower was in February this year.

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