Petrol prices in Singapore have climbed for a third consecutive day, with Sinopec becoming the latest major fuel retailer to raise its pump prices amid continued pressure on fuel markets.
Sinopec increased the prices of its petrol offerings by 5 cents per litre on Oct. 1, matching the latest increases introduced by other major retailers. The company kept its diesel price unchanged.
The latest adjustment follows a similar 5-cent increase by Esso on Sept. 30, while Shell and Caltex raised their petrol prices a day earlier. The successive adjustments mark a new round of increases after more than a week of relative price stability at Singapore’s fuel stations.
Following Sinopec’s latest revision, 95-octane petrol at the five major fuel companies is priced between $3.48 and $3.54 per litre before discounts.
Caltex, Esso, Shell and Sinopec are now charging $3.54 per litre for 95-octane petrol, while SPC remains at $3.48 per litre. Sinopec’s 98-octane petrol is priced at $4.05 per litre, while its premium petrol is $4.18 per litre. Its diesel remains at $4.01 per litre.
At the other major retailers, Caltex and Esso are charging $3.51 per litre for 92-octane petrol and $4.07 per litre for diesel. Shell’s 98-octane petrol is priced at $4.06 per litre, while its premium petrol stands at $4.28 per litre.
SPC’s posted prices remain lower among the major fuel companies, with 92-octane petrol at $3.36 per litre, 95-octane at $3.48 and 98-octane at $4.00. Its diesel price is $3.97 per litre. All listed prices are before discounts and savings.
The latest round of price increases comes as international oil markets remain under pressure from concerns over fuel supply disruptions. Oil prices rose on Oct. 1 after China suspended exports of oil products beyond Hong Kong and Macau, raising concerns that available fuel supplies could become tighter.
Brent crude futures for the December contract were trading above US$100 a barrel on Oct. 1, while US West Texas Intermediate crude also recorded gains. The market has remained volatile as traders assess supply conditions and developments surrounding the conflict in the Middle East.
The latest increases also follow a sharp rise in crude prices during September. Brent’s front-month contract gained about 14 per cent during the month, reflecting growing concerns over supply disruptions and tighter refined-fuel markets.
Fuel prices had remained relatively stable in Singapore before the latest adjustments. The current round began on Sept. 29, when Shell raised its 95-octane, 98-octane and V-Power petrol prices by 5 cents per litre while leaving diesel unchanged.
Esso followed on Sept. 30 with a 5-cent increase across its 92-, 95- and 98-octane petrol grades. Sinopec’s move on Oct. 1 extended the increases to a third consecutive day.
For motorists, the latest changes mean that pump prices at several major stations are now higher than they were before the current round of adjustments. The actual amount motorists pay can still vary depending on station-specific promotions, credit-card rebates and other discounts.
With global oil and refined-fuel markets remaining sensitive to geopolitical developments and supply disruptions, Singapore motorists will continue to watch closely for further changes at the pumps in the coming days.
