Shell, Esso lower fuel prices below S$3 mark

BOTH Esso and Shell have lowered the prices of certain petrol products below the S$3 per litre mark as the cost of fuel continues its steady decline this week.

Based on data available on petrol and diesel price tracker Fuel Kaki, Esso was the first to make the move in an update on Thursday (Mar 17) morning.

Prices of 92-octane and 95-octane fuel at the fuel retailer have fallen to S$2.95 and S$2.99 respectively, while its 98-octane fuel was further lowered by S$0.34 to S$3.46. Its diesel price was cut by S$0.15 to S$2.69.

Shell followed suit to provide its updated prices on Fuel Kaki later in the afternoon. Like Esso, the retailer has lowered the price of its 95-octane fuel to S$2.99 after previously cutting the prices of its petrol products to range between S$3.05 and S$3.80. The price of diesel at Shell was also brought down by S$0.15 to S$2.71, from S$2.86 as at Mar 14.

SPC and Sinopec's fuel prices were last updated on Mar 15, while Caltex last saw updates on the day before.

Earlier this week, Esso was also the first to lower pump prices on Mar 14 evening when it dropped its diesel price by S$0.05 to S$2.84, and its 3 petrol products by S$0.11, each to a range of S$3.05 to S$3.56.

Most oil retailers subsequently cut their pump prices by between S$0.04 and S$0.14, with the smallest and largest reductions by Shell.

Bucking the trend was SPC, which raised its prices by S$0.17 for diesel and S$0.04 to S$0.05 for petrol, to a range of S$3.04 to S$3.56.

Pump prices began declining in general this week following Second Minister for Trade and Industry Tan See Leng's Mar 10 remarks that Singapore's antitrust authorities were keeping a close watch to ensure petrol companies do not profiteer from the recent surge in crude oil prices.

According to a Mar 17 report by Reuters, Brent crude rose on Thursday afternoon to exceed US$100 per barrel once more at US$100.11 after the International Energy Agency said markets could lose 3 million barrels per day of Russian crude and refined products from April 2022.

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