SINGAPORE – Fuel pump prices are still climbing, with the popular 95-octane petrol now inching towards the $3 per litre mark, a level it last breached some 18 months ago.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, posted prices at the five major brands here have been on an upward trend for about a month now.
Compared with two weeks ago, petrol prices have risen by between four and seven cents a litre, while diesel prices are up by eight to 16 cents a litre.
China-owned Sinopec was the latest to make adjustments, when it raised its prices on Friday afternoon by seven cents for petrol and 16 cents for diesel when compared with two weeks ago. The other players had made their last round of increases earlier this week.
With the latest changes, pre-discount rates for diesel are now between $2.56 (SPC) and $2.61 (Caltex, Esso and Shell) – a development which will add to transportation and delivery costs, and which may push drivers and companies to use fuels of lower quality dispensed by “white pumps”.
The 92-octane petrol, which can be used by the majority of cars here, is now between $2.81 (SPC) and $2.87 (Caltex), while the popular 95-octane ranges from $2.85 (SPC) to $2.92 (Caltex, Shell).
If prices continue to climb, 95-octane petrol will hit $3 a litre by September.
The regular 98-octane fuel is now between $3.33 (SPC) and $3.41 (Shell), while the so-called premium 98-octane is between $3.51 (Sinopec) and $3.63 (Shell).
After discounts, Sinopec and fellow Chinese operator SPC have the lowest rates for diesel, at $2.03 for Sinopec and $2.05 for SPC. The priciest brand is Shell, where the fuel is on average $2.23 a litre.
The 92-octane petrol is $2.39 at SPC, $2.40 at Caltex and $2.41 at Esso, while the 95-grade is $2.28 at Sinopec, $2.42 at SPC, $2.44 at Caltex, $2.45 at Esso and $2.49 at Shell.
The regular 98-octane is $2.66 at Sinopec, $2.83 at SPC, $2.85 at Esso and $2.89 at Shell, while the premium 98-octane is $2.74 at Sinopec, $3 at Caltex and $3.08 at Shell.
The pump price increases are on the back of higher crude oil prices.
The benchmark Brent crude is now trading well above US$80 per barrel – up from around US$75 between May and July. The commodity, however, had slid from US$87 last week to around US$84 in early trading on Friday on fears of China’s slowing economy.
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