Pump prices lower at oil retailers

ALL oil retailers in Singapore have gone into reverse gear and lowered pump prices this week, but petrol prices remain above S$3 per litre after the cuts.

According to petrol and diesel price tracker Fuel Kaki, all retailers have cut their pump prices by between S$0.04 and S$0.14, with the smallest and largest reductions by Shell.

Esso made the first move to lower pump prices on Monday (Mar 14) evening when it dropped its diesel price by S$0.05 to S$2.84, and its 3 petrol products by S$0.11, each to a range of S$3.05 to S$3.56.

Hours later, Shell and Caltex cut theirs. Diesel costs S$2.86 and S$2.84 at Shell and Caltex now, after respective cuts of S$0.04 and S$0.05; petrol prices at these 2 retailers now range from S$3.05 to S$3.80.

Sinopec slashed pump prices on Tuesday; its diesel became S$0.05 cheaper and petrol products each now cost S$0.10 less.

SPC was earlier stated here by The Business Times that it was the only retailer that bucked the trend and raised pump prices - an hour after Sinopec's move - by S$0.17 for diesel and S$0.04 to S$0.05 for petrol, to a range of S$3.04 to S$3.56.

SPC has since clarified that it had in fact reduced prices for its diesel by S$0.06 and petrol pump prices by S$0.11 on Mar 15, after steep increases of S$0.23 for diesel, and S$0.15 and S$0.16 for its 3 petrol products on Mar 11. Before this, SPC last revised its pump prices on Mar 9.

Brent crude has been declining from the 14-year high of about US$140 a barrel last week to under US$100 on Tuesday night.

Antitrust authorities here are keeping a close watch to ensure petrol companies do not profiteer from the recent surge in crude oil prices that has occurred after war broke out in Ukraine.