Singapore pump prices rise as Brent surges past US$115 a barrel
Singapore
LOCAL pump prices have been responsive to international oil price hikes and have increased in tandem. They now cost 4 Singapore cents to 27 cents higher than a week ago, as Brent crude rose past US$115 a barrel on Thursday (Mar 3).
According to petrol and diesel price tracker Fuel Kaki, all the 5 oil companies here hiked pump prices over the past 2 days.
Shell fired the first salvo on Wednesday with a 5-cent rise across its diesel and non-premium petrol products and a 27-cent jump in its premium V-Power petrol to S$3.61, compared to the prices last Friday.
It does not offer 92-octane fuel, which can be used by the majority of cars here.
Shell still has the highest range of posted prices following hikes by fellow players on Thursday, with its premium petrol going from the least expensive of its kind last Friday to the most expensive now.
Other retailers raised their pump prices on Thursday, hot on the heels of the spikes in Brent - the global crude benchmark - and US crude West Texas Intermediate (WTI) on Thursday morning. Brent crude surged 3.5 per cent to US$116.90 per barrel while WTI climbed 2.5 per cent to US$113.40.
Caltex's posted prices were 5 cents higher across all its diesel and petrol products. SPC still has the lowest posted rates following a 6-cent hike across its diesel and non-premium petrols.
Esso raised its diesel price by 7 cents and petrol prices by 5 cents. Sinopec put in a 4-cent increase across diesel and non-premium petrol prices, but dropped its premium petrol price by 9 cents.
The rise in crude oil prices is fuelled by the ongoing invasion of Ukraine by Russia, one of the world's top oil producers. The attack sent Brent crude oil prices above US$100 a barrel recently, the first time since 2014.
And there might be room for more increases in pump prices, as analysts are not ruling out the possibility of Brent crude reaching US$150 with the global output remaining tight amid the Russia-Ukraine war.
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