Price of 95-octane petrol surges past S$3 per litre at Shell, Esso

Singapore

LOCAL pump prices continued their steep upward climb this week, rising as much as 27 Singapore cents per litre.

According to petrol and diesel price tracker Fuel Kaki, Esso posted the highest price increases of at least 20 cents for each grade of fuel.

Prices for Caltex were last updated on Mar 4, while Shell and Esso prices were last updated on Mar 7.

Diesel at Shell and Caltex were S$2.67 and S$2.58 per litre, up 25 cents and 16 cents respectively from the Feb 25 price of S$2.42 per litre. At Esso, the price of diesel rose 27 cents to S$2.66 from S$2.39.

92-octane fuel prices climbed 20 cents each at both Caltex and Esso, to S$2.92 from S$2.72, and to S$3.00 from S$2.80, respectively. This grade of fuel is not offered by Shell.

Meanwhile, 95-octane fuel rose 21 cents to S$3.06 per litre at Shell and 13 cents to S$2.98 at Caltex - up from S$2.85 at both providers as at Feb 25. At Esso, the price of the fuel gained 20 cents to S$3.04 from S$2.84 previously.

98-octane fuel offered at Esso and Shell had risen 20 and 21 cents, respectively, to S$3.51 and S$3.55 from S$3.31 and S$3.34 per litre.

Caltex's premium 98-grade oil went up 13 cents per litre to S$3.64 from S$3.51.

The uptrend in pump prices comes on the back of surging international oil prices amid pent-up economic recovery demand, coupled with supply concerns exacerbated by the ongoing Russia-Ukraine war.

News of Ukraine's invasion by Russia, one of the world's top oil producers, has sent crude oil prices past US$100 a barrel for the first time since 2014.

Brent was reported by Reuters to have hit US$139.13 a barrel in early trade on Mar 7, with industry watchers raising the possibility of prices surpassing US$150 a barrel in the short term.

Citing data from Ice Futures Europe, a May 7 Bloomberg article noted that traders have been piling into options that oil could surge even further - with some even placing low-cost bets that futures will rise above US$200 before end-March.