More fuel stations raise prices on 95-octane petrol to past S$3 per litre

LOCAL fuel stations raised pump prices this week, furthering an upward trend amid a global surge in oil prices.

All stations breached the S$3 per litre mark when it came to 95-octane fuel, according to petrol and diesel price tracker Fuel Kaki.

An update on Wednesday (Mar 9) afternoon showed that SPC's price - at S$3.03 per litre - had also crossed the threshold, up from S$2.87 previously on Mar 7.

Prices for 95-octane fuel at Shell and Caltex were S$3.23 and S$3.06 per litre, up S$0.17 and S$0.08 respectively from the Mar 7 and Mar 4 prices of S$3.06 and S$2.98. Prices at Esso remained flat at S$3.04.

Diesel at Shell and Caltex were S$2.90 and S$2.67 per litre, up S$0.23 and S$0.09 respectively from the Mar 8 prices of S$2.67 and S$2.58. Prices at Esso remained flat at S$2.66.

Prices of 92-octane climbed 8 Singapore cents at Caltex to S$3 from S$2.92, while prices remained flat at S$3 for Esso. This grade of fuel is not offered by Shell.

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Meanwhile, 98-octane fuel offered at Shell rose S$0.17 to S$3.72 from S$3.55 per litre, while prices remained flat at Esso. Caltex's premium 98-grade oil went up S$0.08 to S$3.72 from S$3.64 per litre.

The prices for Esso were last updated on Mar 7, Caltex on Mar 8, and Shell and SPC on Mar 9.

The surge in pump prices comes as oil prices climb internationally amid supply concerns exacerbated by the ongoing Russia-Ukraine war.

Oil prices have soared more than 30 per cent since Russia invaded Ukraine and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already upended before the ban, as traders avoid running afoul of future sanctions.

Just this week, oil prices hit a 14-year high on Monday (Mar 7) following the possibility that European allies would join the US in banning Russian crude had sent oil to 14-year highs.

The US has banned Russian oil imports, while Britain said it will phase them out by the year-end. These decisions are expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.

On Tuesday, Brent crude futures settled at US$127.98 a barrel, 3.9 per cent higher, while US crude futures settled at US$123.70 a barrel, a 3.60 per cent increase.