Gone too soon: Petrol prices back above $3 after 1-week reprieve

SINGAPORE - Petrol prices have rebounded back to the $3 territory, one week after they eased.

According to pump price tracker Fuel Kaki, an initiative by the Consumers Association of Singapore, 92-octane petrol is $3.01 a litre at Caltex and Esso, and $2.94 at SPC.

Shell and Sinopec do not offer that 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 sub-$3 rate, at $2.98.

For 98-octane, necessary for some direct injection engines and sports cars, prices are markedly higher — $3.52 at Esso and Sinopec, $3.58 at Shell and $3.46 at SPC.

The so-called premium grade 98-octane fuels are $3.71 at Caltex, $3.80 at Shell and $3.65 at Sinopec.

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Posted 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 offer — $2.44 with OCBC Voyage card, beating even SPC's $2.50 (all participating cards).

For 95-octane, Sinopec's $2.39 (OCBC cards) is the lowest, but it has only three stations here. Among companies with sizeable networks, Caltex again has the best offer — $2.47 with 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 puts an end to a short reprieve last Thursday (March 17) when most operators lowered 92- and 95-octane prices to below $3 after oil prices slid.

The benchmark Brent crude has since rebounded, from US$98 (S$133) a barrel last week to US$117 a barrel during early trading on Wednesday (March 23), as talk of a ban on Russian oil exports resurfaced.

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Regular petrol prices here have not been above $3 until this year. Last week, pump prices fell below $3, starting with Esso, which lowered its prices by 10 cents across the board. As at last Thursday, its 92-octane petrol was $2.95, 95-octane $2.99 and 98-octane $3.46. 

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

This article was first published in The Straits Times. Permission required for reproduction.