SPC catches up with fuel price reductions, diesel now below $4 at all retailers
SPC on Tuesday (July 7) caught up with diesel price reductions posted a day earlier by four other major fuel companies in Singapore.
PHOTO: AsiaOne/Danial Zahrin
PUBLISHED ONJuly 08, 2026 3:19 AMBYSean LerIt's official — the price of diesel in Singapore has fallen below the $4 mark — with all major fuel companies here having announced price cuts between July 6 and 7.
SPC was the last to do so on Tuesday (July 7), posting a 16-cent drop in a price board update published at 5.40pm.
On Monday, four fuel companies — Shell, followed by Caltex, Esso and Sinopec — reduced their respective diesel prices by either 10 cents or 15 cents.
Like the four companies, SPC also kept its petrol prices unchanged.
The last round of changes to petrol prices was recorded on July 2.
Following the latest round of pump price adjustments, the price of diesel now ranges from $2.58 per litre at Smart Energy, to $3.95 at Caltex, Esso and Shell.
| Company / Fuel | 92-octane | 95-octane | 98-octane | Premium | Diesel |
| Caltex | $3.34 | $3.37 | Not available | $4.07 | $3.95 |
| Esso | $3.34 | $3.37 | $3.89 | Not available | $3.95 |
| Shell | Not available | $3.37 | $3.89 | $4.11 | $3.95 |
| Sinopec | Not available | $3.37 | $3.88 | $4.01 | $3.89 |
| SPC* | $3.34 | $3.36 | $3.88 | Not available | $3.89* |
| Cnergy | Not available | $2.59 | $3.00 | Not available | $3.08 |
| Smart Energy | Not available | $2.62 | $2.99 | Not available | $2.58 |
Prices are correct as at 10.30am on July 8. All prices are before discounts. *Indicates change to posted price(s) made on July 7. | |||||
Oil prices briefly spike amid renewed clashes
Oil prices settled three per cent higher on Tuesday and extended gains post-settlement, after Iran attacked three commercial vessels in the Strait of Hormuz and the US revoked the general license authorising the sale of Iranian crude, before launching new strikes against Iran.
"Obviously today is the next level of breakaway from the memorandum of understanding," Bob Yawger, director of energy futures at Mizuho, told Reuters.
He added that it was unclear whether Iran's actions were aimed at exerting authority over the Strait of Hormuz or were primarily a show of strength during mourning ceremonies for the slain Supreme Leader Ayatollah Ali Khamenei.
In June, the US and Iran signed a memorandum of understanding aiming to end the conflict and reopen the Strait of Hormuz.
Yawger said the US decision to revoke the oil license was a signal that Iran had gone too far, but added he did not expect the move to have a lasting impact on Tehran's ability to export crude or on the prospects for a broader agreement.
"I don't think it's in either side's interest not to get a deal done," he said.
However, the latest developments again show how fragile the ceasefire remains.
At the time of this article's publication, Brent oil futures is hovering close to US$76 (S$98) per barrel.