SINGAPORE - All fuel pump operators here have followed Esso's lead in lowering prices.
By Thursday morning (Aug 11), Shell, Sinopec and SPC had each reduced diesel prices by 11 cents a litre and petrol prices by nine cents a litre - mirroring Esso's move on Wednesday.
Caltex was the last to match these price reductions, doing so at around 12.30pm.
Separately, the so-called premium 98-octane is now 13 cents higher at Shell than it was two weeks ago when the company retailed this grade at the same price as its regular 98-octane fuel.
According to Fuel Kaki, a petrol and diesel price tracker set up by the Consumers Association of Singapore, diesel now ranges between $2.80 (Sinopec, SPC) and $2.82 (Caltex, Shell).
The 92-octane grade of petrol, which the majority of vehicles can use, is now $2.80 a litre across all brands, while the popular 95-octane is $2.84 at SPC and $2.85 elsewhere.
The 98-octane grade is $3.34 at Shell, and $3.32 at Esso, Sinopec and SPC, while the premium 98-octane grade is between $3.45 (Sinopec) and $3.56 (Shell).
After discount, the cheapest 92-octane fuels are from Caltex (OCBC 365 card) and Esso (DBS Esso card), at $2.30 a litre. The costliest 92-octane grade is from Esso (Citibank Cash Back card, other OCBC cards), at $2.41 a litre.
Sinopec, which has only three stations here, offers the lowest price of $2.23 for 95-octane petrol (with OCBC cards). Among operators with sizeable networks, Caltex (OCBC 365 card) and Esso (DBS Esso card) offer the lowest rate of $2.34.
For 98-octane petrol, Sinopec again has the lowest rate of $2.61 (OCBC cards), followed by $2.72 at Esso (DBS Esso card).
The price cuts follow a continuing downward movement in the prices of crude oil and refined products. Rising inflation is putting a dent in demand on both automotive and non-automotive fronts around the world.
Brent crude last closed on Nasdaq at US$96.31 a barrel, its lowest since February. RBOB Gasoline, a proxy for refined petrol, is hovering just above US$3 a gallon, its lowest since April.