Petrol prices soar past $4 per litre in Singapore

Petrol prices soar past $4 per litre in Singapore
To pump, or not to pump?
PHOTO: The Straits Times file

With the imminent ban on Russian oil and the increased demand worldwide, petrol prices have now hit a new high in Singapore, going for as much as $4 per litre.

It wasn't too long ago that petrol prices saw a slight drop, but that appears to be short-lived. The rise in petrol prices have been ongoing for months, but have been exacerbated by the effects of the Russia-Ukraine conflict, and the subsequent wide-ranging sanctions against Moscow.

The reopening of economies around the world from the Covid-19 pandemic have also been driving the demand for fuels. Benchmark prices for Brent crude oil is now currently trading at USD$117 (S$160) a barrel, and looks to be heading towards its March high of almost USD$130 a barrel.

If you're looking for a more efficient car to help you save money on your fuel bills, perhaps you can consider switching to a fuel-saving hybrid to combat the rising fuel prices.

ALSO READ: Oil and petrol prices are likely to remain high in 2022 - here's why

This article was first published in CarBuyer.

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