Fuel prices in Singapore have increased for a third consecutive day, with Esso raising the posted prices of petrol and diesel by 4 cents per litre on Wednesday, September 16.
The latest adjustment applies to Esso’s 92-, 95- and 98-octane petrol, as well as diesel. The increase follows a similar 4-cent-per-litre rise announced by Shell a day earlier.
The latest increases come after fuel prices had remained largely unchanged for more than two months. A sharp rise in global oil prices linked to the ongoing conflict in the Middle East has since prompted several fuel retailers to revise their pump prices.
Earlier in the week, Shell, Caltex and Esso raised their posted prices. Caltex increased its fuel prices by 12 cents per litre on September 14, while Shell and Esso each raised their prices by 8 cents.
Shell subsequently announced another 4-cent increase on September 15, while Sinopec also raised its prices by 8 cents.
The increases have pushed diesel prices above S$4 per litre at several major stations. Before Wednesday’s latest adjustment, Esso’s posted diesel price stood at S$4.03 per litre, while Shell was charging S$4.07 and Caltex S$4.07.
Petrol prices have also climbed, with 95-octane fuel reaching as high as S$3.49 per litre at some major retailers. Shell’s 98-octane petrol had already moved above S$4 per litre following its latest increase.
The higher pump prices reflect a sharp rise in crude oil prices. Brent crude futures climbed above US$106 a barrel earlier this week, compared with about US$76 a barrel during Singapore’s previous round of fuel-price adjustments in early July.
The increase in oil prices has been driven by concerns over supply disruptions caused by the conflict in the Middle East. Recent attacks involving Houthi forces and disruptions to Saudi Arabia’s oil infrastructure have added to uncertainty in global energy markets.
With oil supply routes facing disruption and tensions remaining elevated, Singapore motorists are likely to continue facing higher fuel costs as retailers adjust their prices in response to changes in global crude markets.
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