Pump prices post double-digit increases in 2 weeks, driven by higher crude oil costs

[SINGAPORE] Pump prices have risen again, up by as much as 11 singapore cents a litre in the latest adjustment, driven by higher crude oil and product costs.

According to Fuel Kaki, a petrol and diesel price tracker set up by the Consumers Association of Singapore, the sharpest increases were for diesel, with posted rates going up by between 8 and 11 cents since Jan 31.

Diesel at Caltex and Shell is now S$2.36 a litre before discount, and S$2.31 at Esso, Sinopec and SPC.

A 10-cent rise means that a taxi driver covering 3,000 km a month and filling up at these public stations will incur around S$30 more in monthly expenses.

A diesel delivery van logging 4,000 km a month will pay S$40 more.

Motorists are not spared. Petrol prices have gone up by between 5 and 10 cents. The only exception is Sinopec's so-called premium grade, which has been adjusted downwards by 6 cents to S$3.23 a litre.

Caltex, Esso and SPC - the only players offering 92-octane fuel - are posting a uniform S$2.72 a litre for the cheapest grade of petrol which is usable by most cars here. This translates to a 5-cent increase at Caltex, a 7-cent rise for Esso and a 10-cent spike for SPC.

The popular 95-octane is up too, with Caltex and Shell posting a price of S$2.78 a litre (up by 6 cents), Esso and Sinopec advertising S$2.76 (up by 7 cents) and SPC retailing at S$2.75 (up 10 cents).

The 98-octane petrol, unnecessary for most cars here, is S$3.23 a litre at Esso (up 7 cents), Sinopec (up 7 cents) and SPC (up 10 cents); and S$3.27 at Shell (up 6 cents).

The so-called premium 98-grade is going for S$3.44 at Caltex (up 9 cents), S$3.49 at Shell (up 6 cents) and S$3.23 a litre at Sinopec (down by 6 cents). Only these 3 brands offer this grade.

Going by brands, SPC has posted the biggest increases, with prices for petrol rising by 10 cents and diesel by 11 cents.

The China-owned retailer, however, is still among the cheapest after discount, although its lead has narrowed substantially with the latest changes. Its diesel is S$1.85 a litre after credit card discounts - the lowest among retailers with a sizeable network.

Its fellow Chinese brand Sinopec, which has only 3 outlets, offers diesel at S$1.80 a litre after discount.

The priciest diesel is at Shell, which is selling it at S$2.12 a litre with the UOB One card, and S$2.03 with other cards.

For the bestselling 95-grade petrol, Sinopec is cheapest at S$2.16 a litre, followed by Caltex (S$2.25 with OCBC Voyage card) and Esso (S$2.26 with DBS Esso card).

Surprisingly, SPC's across-the-board discounted price of S$2.34 a litre for 95-octane fuel is higher than several card-discounted rates at Caltex and Esso.

For 92-octane, Caltex has the cheapest offer of S$2.20 (OCBC Voyage card), followed by Esso's S$2.23 (DBS Esso card). SPC's S$2.31 a litre across the board is among the priciest among the 3 brands.

Brent crude oil price last traded at US$91.41 on Nasdaq, its highest in at least a year. RBOB gasoline, a publicly traded commodity and a proxy for wholesale petrol price, last closed at US$2.76 per gallon, nearly 70 per cent higher than a year ago. THE STRAITS TIMES