Pump prices in Singapore rise, 92-octane fuel prices reach new highs amid renewed talks of Russian oil ban

PETROL pump prices are on the rise again, fuelled by fresh fears of a ban on Russian oil.

Prices of 92-octane petrol have reached new highs - rising by as much as nine cents a litre to range from S$3.04 (Singapore Petroleum Company) to S$3.10 a litre (Caltex).

And diesel has breached the S$3 mark for the first time, with Shell posting a rate of S$3.08 a litre, and Caltex and Esso just four cents away from S$3. It is S$2.89 a litre at Sinopec and SPC.

According to the Consumers Association of Singapore’s pump price tracker, Fuel Kaki, 95- and 98-octane fuels have chalked slightly more modest increases - possibly reflecting a continuing migration from higher octane fuels to the lowest 92-octane, which can be used by the majority of cars here.

The popular 95-octane is now between S$3.07 (SPC) and S$3.19 (Shell) - up from S$3.03 (SPC) and S$3.11 (Caltex, Shell) a week ago.

The 98-octane range is now between S$3.55 (Sinopec, SPC) and S$3.68 (Shell) - up fromS $3.51 (Esso, Sinopec and SPC) and S$3.60 (Shell).

The so-called premium grade of petrol (which is also 98-octane) is now between S$3.68 (Sinopec) and S$3.90 (Shell). At their highest in March, the posted prices of this grade ranged from S$3.64 (Sinopec) to S$3.94 (Shell).

The benchmark Brent crude inched towards a three-week high of US$113 a barrel in early trade on Friday (May 6) as the European Union discusses a partial ban on Russian oil in response to Moscow’s invasion of Ukraine in February.

Russia is the world’s third-largest oil producer, and any ban on its exports will crimp supply and put pressure on prices.

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After discount, the cheapest 92-octane petrol is at Caltex stations - S$2.51 a litre (with OCBC Voyage card), followed closely by Esso’s S$2.53 (with DBS Esso card).

The cheapest 95-octane fuel is S$2.41, if bought with OCBC cards at three Sinopec stations. Among retailers with sizeable station networks, the cheapest 95-octane is Caltex’s S$2.55 (OCBC Voyage card).

And the cheapest 98-octane fuels - necessary for only a minority of vehicles - are from Sinopec (S$2.79, with OCBC cards) and Esso (S$2.95, with DBS Esso card). THE STRAITS TIMES