PUBLISHED ONMay 07, 2026 6:27 AMUPDATEDMay 07, 2026 12:20 PMBYSean LerAfter nearly three weeks of holding pump prices unchanged, fuel companies here have reduced diesel prices over the past two days, with Caltex, Cnergy, Esso, Shell and Sinopec the latest to do so on Thursday (May 7).
The last significant round of pump price adjustments involving all fuel companies here were made on April 6 and April 7, as Parliament discussed measures to help businesses and households cushion the impact of war in the Middle East.
Singapore-headquartered Caltex was the first to do so on Thursday, announcing in a price board update published at 11.30am that it had reduced its posted price for diesel by 10 cents, to $4.58.
This was followed by Cnergy, Esso and Shell, which posted reductions of 30 cents, 20 cents and 7 cents, respectively.
Shell's downward adjustment is also its second adjustment in two days, following a 10-cent drop on Wednesday evening.
China-headquartered chemical and oil company Sinopec was the last to do so, posting a reduction of 11 cents, to $4.57.
SPC's diesel price reduction — by 30 cents — to $4.32, was posted on Tuesday.
Following the latest round of price adjustments, the cost of diesel ranges from $3.40 per litre at Cnergy to $4.58 at Caltex.
| Company / Fuel | 92-octane | 95-octane | 98-octane | Premium | Diesel |
| Caltex* | $3.43 | $3.47 | Not available | $4.16 | $4.58* |
| Esso* | $3.43 | $3.46 | $3.98 | Not available | $4.48* |
| Shell* | Not available | $3.46 | $3.98 | $4.20 | $4.51* |
| Sinopec* | Not available | $3.46 | $3.97 | $4.10 | $4.57* |
| SPC* | $3.39 | $3.42 | $3.93 | Not available | $4.32* |
| Cnergy* | Not available | $2.64 | $3.05 | Not available | $3.40* |
Prices are correct as at 2pm on May 7. All prices are before discounts. *Indicates change to posted price(s) on May 7. | |||||
Brent oil prices have largely stayed around the US$110 per barrel mark over the past week as a fragile peace between US and Iran holds.
Amid a possible peace deal between the two countries, brent oil prices fell to as low as US$100 per barrel on Wednesday.
Iran said on Wednesday it was reviewing a US peace proposal that sources said would formally end the war while leaving unresolved the key US demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.
An Iranian foreign ministry spokesperson quoted by Iran's ISNA news agency said Tehran would convey its response, while Trump said he believed Iran wanted an agreement.
US media outlet Axios reported that the US expects Iranian responses on several key points in the next 48 hours, citing sources saying this is the closest the parties had come to an agreement since the war began.
Even if a peace deal is reached, oil supplies are expected to tighten further in coming weeks because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide — so oil companies will continue to deplete storage tanks to meet peak summer demand.
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