Pump prices in Singapore hit new highs, with costliest grade above S$4 a litre
Fuel pump prices have climbed to new highs again to breach S$4 for the first time on the back of an imminent ban on Russian oil and increased demand as world economies return to full swing.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, a litre of diesel is now between S$3 (Sinopec) and S$3.08 (Shell, Caltex) - up from S$3-S$3.05 2 weeks ago.
A litre of 92-octane petrol is now between S$3.26 (Esso, SPC) and S$3.28 (Caltex) - up from S$3.13-S$3.20.
A litre of the popular 95-octane fuel ranges between S$3.26 (Sinopec) and S$3.33 (Shell, Caltex) - up from S$3.16-S$3.25.
Posted prices of 98-octane petrols are between S$3.73 (Sinopec) and S$3.82 (Shell) - up from S$3.64-S$3.74 - while the so-called premium grade of 98-octane fuels are going for between S$3.86 (Sinopec) and S$4.04 (Shell).
This is the first time petrol has breached the S$4 mark here.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The relentless surge in pump prices started well before Russia’s invasion of Ukraine in February, which sparked wide-ranging sanctions against Moscow that have deepened the global supply chain crisis.
The gradual - and then sudden - reopening of economies as the world emerges from the Covid-19 pandemic has also fuelled demand for fuels. At the same time, producers are struggling to increase production - for instance, restarting refineries which had closed during the pandemic.
RBOB Gasoline, a proxy for refined petroleum products, is now around US$4.20 a gallon, its highest in over 2 decades.
The benchmark Brent crude is now above US$117 a barrel, and heading towards its March high of almost US$130 a barrel. THE STRAITS TIMES
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish