Pump prices in S'pore surge on the back of Russian invasion of Ukraine

Brent crude oil has breached US$100 a barrel for the first time in seven years. ST PHOTO: LIM YAOHUI

SINGAPORE - Four out of five oil companies here have raised pump prices by between six and 21 cents per litre as crude prices rise to seven-year highs, driven by Russia's invasion of Ukraine.

According to petrol and diesel price tracker Fuel Kaki, Caltex has increased its diesel price by six cents, and petrol prices by seven cents across all grades since two weeks ago.

Esso has added eight cents to all its fuel prices, while Sinopec has upped its diesel, 95-octane and 98-octane petrols by eight cents and its so-called premium 98-octane by 21 cents.

Shell raised its diesel price by six cents and 95- and 98-octane petrols by seven cents. But it lowered its so-called premium 98-grade by 15 cents.

SPC has not altered its posted pump prices but is expected to follow suit. Because of this, the Chinese-owned company has once again the lowest pre-discount prices in town, with its diesel at $2.31, 92-octane at $2.72, 95-octane at $2.75, and 98-octane at $3.23.

Shell still has the highest range of posted prices, with its diesel at $2.42, 95-octane at $2.85 and 98-octane at $3.34. It does not offer 92-octane fuel, which can be used by the majority of cars here.

At $3.34 a litre, Shell's so-called premium grade is now the least expensive of its kind.

As usual, prices after discount are quite different. For 92-octane fuel, Caltex has the lowest offers of $2.26 tied to the OCBC Voyage card, and $2.29 linked to OCBC 365 and Plus! cards.

Esso has the highest rates on this front, with $2.41 offered for Citibank Cash Back and OCBC cards (other than the 365 card).

SPC, which had the lowest posted rates, offers a flat rate of $2.31 across a range of cards.

For the popular 95-octane, Sinopec still has the lowest discounted price of $2.23, but it has only three stations.

Among companies with sizeable networks, Caltex has the lowest offer of $2.31 (OCBC Voyage card), followed by Esso ($2.33 with DBS Esso card) and SPC ($2.34 with a range of cards).

For 98-octane, Sinopec's $2.60 is the lowest, followed by Esso's $2.71 (DBS Esso card) and SPC's $2.75 (a range of cards).

Those who fill up with the so-called premium grades will pay the least at Sinopec ($2.68 with OCBC cards), and the most at Shell ($3.01 with UOB One card). With other cards, Shell's rate for this fuel is $2.87, while Caltex's price ranges between $2.88 and $2.95.

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Brent crude oil has breached US$100 a barrel for the first time in seven years. RBOB gasoline, a proxy for wholesale petrol, was last traded at US$2.81 a gallon, also its highest since 2014.

If the Ukraine crisis escalates, observers expect oil prices to accelerate further. Besides motoring cost, this will impact utilities, travel and logistics expenses.

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