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Consumer watchdog urges fuel companies to 'exercise restraint' as pump prices in Singapore rise again

Prices rose for the third day in a row on Wednesday (March 11), with Esso and Sinopec raising posted prices across all its fuel grades
Consumer watchdog urges fuel companies to 'exercise restraint' as pump prices in Singapore rise again
Fuel companies in Singapore raised their posted prices for all petrol grades — for the third day in a row on Wednesday (March 11).
PHOTO: AsiaOne/Danial Zahrin

Fuel companies in Singapore have raised their posted prices for all petrol grades — for the third day in a row. 

Oil prices on Wednesday (March 11) remained volatile, with Brent crude surging back above US$90 per barrel, as the market weighs a potential record-breaking International Energy Agency (IEA) strategic reserves release. 

Meanwhile, the United States and Israel traded air strikes with Iran across the Middle East as the besieged Tehran government warned its state security forces were ready with "fingers on the trigger" to confront any anti-government protests. 

The US also said it military "eliminated" 16 Iranian mine-laying vessels near the Strait of Hormuz. 

Checks by AsiaOne on the Consumers Association of Singapore's Price Kaki app at 7pm show that Sinopec, followed by Esso, raised petrol and diesel prices on Wednesday. 

Company / Fuel92-octane95-octane98-octanePremiumDiesel
Caltex$3.31$3.35Not available$4.04$3.28
Esso$3.31*$3.35*$3.85*Not available$3.28*
ShellNot available$3.35$3.87$4.09$3.28
SinopecNot available$3.31*$3.81*$3.94*$3.20*
SPC$3.27$3.30$3.81Not available$3.19

Prices are correct as at 7pm on March 11.

*Indicates change to posted price on March 11.

95-octane prices

On Wednesday evening, posted prices for 95-octane petrol ranged from $3.30 at SPC to $3.35 at Caltex, Esso, and Shell. 

Sinopec's posted price for its 95-octane petrol was raised by 16 cents on Wednesday morning to $3.31. 

This was followed by Esso's 4 cents increase in the afternoon. Its posted price for the popular 95-octane petrol is now $3.35. 

98-octane prices

The more premium 98-octane petrol is now 13 to 19 cents away from the $4 per litre mark as at 7pm on Wednesday. 

Sinopec and Esso increased their posted prices by 16 cents and 4 cents respectively, to $3.81 and $3.85. 

Meanwhile, Shell's posted price for the 98-octane petrol remains at $3.87, after two rounds of increments on Tuesday. 

SPC's price also remained unchanged, at $3.81. 

Diesel prices

Sinopec's posted price for its diesel — at $3.20 — after an increase of 26 cents on Wednesday, is currently the second lowest, with Caltex, Esso and Shell holding up the other end of the price spectrum — at $3.28. 

Esso increased its posted price for diesel by 4 cents on Wednesday. 

Companies urged to 'exercise restraint'

In response to AsiaOne's queries, Consumers Association of Singapore president Melvin Yong said on Wednesday that the consumer watchdog is "monitoring closely" the recent increase in fuel pump prices. 

While he noted that the increments have come amidst the global rise in crude oil prices over the weekend, Yong urged fuel companies to "exercise restraint" in raising prices pre-emptively.

Motorists can check the latest fuel prices on the Price Kaki app to make informed decisions. 

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editor@asiaone.com 

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