Petrol stations revert to previous rates as crude oil prices ease

Caltex has reverted to its previous prices to match SPC's rates. PHOTO: LIANHE ZAOBAO

Singapore Petroleum Co (SPC) had resisted the latest pump price increases, which saw all the other players raising petrol and diesel prices by three cents a litre from Jan 6.

However, with crude oil prices easing since then, the other players have reverted to their previous rates - starting with Caltex last Friday, and ending with Shell yesterday.

A litre of 92-octane petrol is now $2.31 at Caltex, Esso and SPC. Shell and Sinopec do not offer 92-octane fuel.

The popular 95-octane grade is now $2.35 a litre at all retailers except Sinopec, which retails it at $2.38 a litre, according to the Consumers Association of Singapore's Fuel Kaki website.

For the 98-octane grade, it is $2.72 at Esso and SPC, $2.74 at Shell, $2.75 at Sinopec and $2.77 at Caltex. Shell and Sinopec retail a supposedly premium grade of 98-octane at $2.91 and $2.84, respectively.

Diesel is $1.95 at Esso and SPC, $1.96 at Shell and Caltex, and $1.98 at Sinopec. All prices are before discount.

Brent crude closed at US$64.98 last Friday, down from US$68.91 last Monday.

The previous increase was sparked by rising crude oil prices, which in turn were driven up by nervousness over the assassination of Iranian military leader Qassem Soleimani by United States forces two weeks ago. The fear of war resulting from the killing, which could disrupt oil supply, pushed prices up.

But now, observers reckon the looming global economic slowdown has emerged as having a bigger impact, and is driving energy demand down.

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A version of this article appeared in the print edition of The Straits Times on January 14, 2020, with the headline Petrol stations revert to previous rates as crude oil prices ease. Subscribe