Petrol prices in Singapore surpass highs set during Ukraine crisis in 2022
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[SINGAPORE] Pump prices, which have risen steadily here since the conflict in Iran effectively closed a waterway critical to oil supplies, have surpassed records set during the Ukraine crisis in 2022.
Caltex raised the posted price of 95-octane petrol by 10 cents to S$3.45 per litre at 2pm on March 13.
Its previous high was S$3.42 per litre set by Shell and Caltex in June 2022, according to records available on the Consumers Association of Singapore’s Price Kaki price tracker. This came after the European Union announced a ban on Russian oil following its invasion of Ukraine.
Posted prices do not consider discounts, and may be higher than what drivers pay at petrol stations.
The most popular grade of petrol is now 57 cents, or almost 20 per cent, more expensive at Caltex than on Feb 28, when the US and Israel launched an attack on Iran.
That is the equivalent of paying S$28.50 more to top up a vehicle with a 50-litre fuel tank before factoring in discounts.
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Petrol station operators have been raising their prices, at times more than once a day, as global crude prices swing along with developments in the Middle East.
The largest move in 95-octane since the outbreak of the Middle East conflict was also by Caltex, which raised posted prices by 20 cents past midday on March 10.
The cheapest posted price of the grade is currently S$3.30 per litre at SPC.
Posted prices of 92-octane petrol, 98-octane petrol, the so-called “premium” 98-octane petrol, and diesel also crossed Ukraine war highs in recent days. THE STRAITS TIMES
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