Petrol prices in S’pore back into $3 territory as global oil price rebounds

SINGAPORE – Petrol prices have rebounded back into the $3 territory, a week after falling.

According to the Fuel Kaki pump price tracker, an initiative of the Consumers Association of Singapore, 92 octane petrol costs $3.01 per liter at Caltex and Esso, and $2.94 dollars at SPC.

Shell and Sinopec do not offer this grade, which can be used by the majority of cars here.

For 95 octane, the most popular grade, posted prices are $3.05 at Caltex, Esso and Sinopec and $3.09 at Shell. Again, SPC is the only one with a rate below $3, at $2.98.

For 98 octane, needed for direct injection engines and sports cars, prices are significantly higher – $3.52 at Esso and Sinopec, $3.58 at Shell and $3.46 at SPC.

So-called premium 98 octane fuels cost $3.71 from Caltex, $3.80 from Shell, and $3.65 from Sinopec.

Listed prices for diesel are $2.82 at Caltex and Esso, $2.95 at Shell, $2.81 at Sinopec and $2.68 at SPC.

After discounts, Caltex still has the best deal – $2.44 with the OCBC Voyage card, even beating the $2.50 from SPC (all participating cards).

For 95 octane, Sinopec’s $2.39 (OCBC charts) is the lowest, but there are only three stations here. Of the companies with large networks, Caltex again has the best deal – $2.47 with the OCBC Voyage Card. Shell’s $2.78 (UOB One card) is the highest.

For 98 octane, Sinopec’s $2.77 (OCBC cards) is the lowest, followed by Esso’s $2.89 (DBS Esso card) and SPC’s $2.94 (all participating cards) .

The rebound ends a short reprieve last Thursday when most traders lowered 92 and 95 octane prices to below $3 after oil prices fell.

Benchmark Brent crude has since rebounded from US$98 a barrel last week to US$117 a barrel in early trading on Wednesday (March 23rd) as talk of a Russian oil export ban resurfaced.

Regular gasoline prices here haven’t exceeded $3 until this year. Pump prices fell below $3 last week, led by Esso, which cut prices 10 cents across the board. As of last Thursday (March 17), its 92 octane gasoline was $2.95, $2.99 ​​95 octane, and $3.46 98 octane.

Besides the Ukraine crisis, global oil prices have been boosted by strong consumer demand as the world moves away from Covid-19, while supply has not kept pace with demand.