Singapore pump prices surge past S$3 per litre again as Brent hits S$116 per barrel
LOCAL pump prices have moved up past the S$3 mark for the second time this month, as oil prices remained high amid concerns of global supply shortage due to the Russia-Ukraine conflict.
Pump prices fell below the S$3 mark last week amid a steady decline in the cost of fuel. They first surged past S$3 at the beginning of March, after continuing a steep upward climb for a week.
This week, however, prices were up again as oil prices continued to stay high, with Brent contracts up 1 per cent to S$116.48 per barrel at 3.47 pm on Wednesday (Mar 23).
Caltex was first to raise its prices across its diesel and petrol products, according to updated prices on its website as of Mar 22 at 2pm.
According to petrol and diesel price tracker Fuel Kaki, Esso also raised prices of its products past the S$3 mark on Mar 22 at 11.37 am.
Meanwhile, on Mar 23, Shell hiked its prices across its diesel and petrol products at 11.30 am, while SPC raised prices at 11 am, according to their respective websites.
Crude oil prices have been kept elevated by concerns over global supply shortage amid Russia's ongoing invasion of Ukraine. Additional sanctions on Russia, one of the world's top oil producers, have also been fuelling market uncertainty.
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