Petrol prices in Singapore have risen for a second consecutive day, with Shell raising its pump prices again and pushing its 98-octane petrol above $4 a litre as worsening tensions in the Middle East continue to rattle global oil markets.
Shell increased its posted prices by another 4 cents per litre on Tuesday afternoon, Sept 15, less than 24 hours after its previous increase.
The latest move means Shell has raised the prices of all its fuel types by a total of 12 cents per litre in roughly 25 hours.
Sinopec also raised its posted prices by 8 cents per litre across all fuel offerings on Tuesday morning, matching increases made by Shell, Caltex and Esso the previous day.
With the latest adjustments, Singapore motorists are facing noticeably higher prices at several major petrol stations.
Shell’s 95-octane petrol now costs $3.49 per litre, while its 98-octane petrol has climbed to $4.01.
Its premium petrol is priced at $4.23 per litre, while diesel is now $4.07 per litre.
Caltex is also charging $3.49 for 95-octane petrol and $4.07 for diesel. Esso’s 95-octane petrol is $3.45, while its diesel is $4.03.
Sinopec’s 95-octane petrol is priced at $3.37 per litre, while SPC remains at $3.36 — making the two companies the cheapest among the major brands for the popular 95-octane grade as of the latest price checks.
The prices are posted pump rates before discounts, meaning drivers who use loyalty programmes, credit cards or other promotions may pay less.
98-octane petrol crosses $4 again
The latest Shell increase has pushed its 98-octane petrol back above the $4 mark.
At $4.01 per litre, the price is at a 24-month high for Shell, according to AsiaOne’s report.
Shell had previously reached the $4 level twice this year, in April and May.
For comparison, Esso’s 98-octane petrol is currently $3.97 per litre, while Sinopec and SPC are charging $3.88.
The gap means motorists buying premium fuel may see significantly different prices depending on which station they use.
Diesel prices also remain above $4
The latest increases have also kept diesel prices above the $4 mark at several major operators.
Caltex and Shell are both charging $4.07 per litre, while Esso is at $4.03.
Sinopec and SPC are considerably lower at $3.89.
The increase is particularly significant for commercial vehicle operators, buses and other diesel-powered vehicles because fuel makes up a substantial part of their operating costs.
The Straits Times reported that the Sept 14 increases ended roughly two months of relative stability in Singapore’s pump prices and pushed diesel above $4 at major retailers for the first time since late June.
Why are petrol prices rising again?
The latest increases come as the Middle East conflict continues to threaten oil supplies and key transportation routes.
Brent crude rose to around US$106.40 a barrel on Tuesday evening, after reaching US$106.93 earlier in the day.
The rise followed fresh attacks by Iran-backed Houthi forces in Yemen against Saudi Arabia.
Saudi Arabia also shut its East-West oil pipeline as a precaution after the important pipeline came under drone attack.
The 1,200km pipeline has become particularly important because the Strait of Hormuz has been largely disrupted by the war.
The pipeline has been carrying an estimated 4 million to 5 million barrels of oil a day, equivalent to roughly 4 per cent to 5 per cent of global supply, according to the report.
Any prolonged disruption could therefore put further pressure on international oil prices.
Singapore drivers are already paying more
The latest price movements follow Monday’s increases by Shell, Caltex and Esso.
Before those adjustments, 95-octane petrol at Shell, Esso and Caltex was $3.37 per litre.
After the increases, it reached $3.45 at Shell and Esso and $3.49 at Caltex.
Sinopec and SPC initially held their prices, leaving their 95-octane rates as much as 13 cents cheaper than those of some major competitors.
Sinopec has now raised its prices, although its 95-octane petrol remains cheaper than Shell, Caltex and Esso.
Current pump prices in Singapore
As of 8.30pm on Sept 15, the posted prices were:
- Caltex: 92-octane $3.46; 95-octane $3.49; premium $4.19; diesel $4.07
- Esso: 92-octane $3.42; 95-octane $3.45; 98-octane $3.97; diesel $4.03
- Shell: 95-octane $3.49; 98-octane $4.01; premium $4.23; diesel $4.07
- Sinopec: 95-octane $3.37; 98-octane $3.88; premium $4.01; diesel $3.89
- SPC: 92-octane $3.34; 95-octane $3.36; 98-octane $3.88; diesel $3.89
- Cnergy: 95-octane $2.54; 98-octane $2.80; diesel $3.00
- Smart Energy: 95-octane $2.62; 98-octane $2.99; diesel $2.69
These are posted prices before discounts and were correct at 8.30pm on Sept 15.
For drivers, the latest round of increases means comparing pump prices and available discounts has become increasingly important.
But with oil prices still being driven by developments in the Middle East, the bigger question is whether this latest surge will be temporary — or whether Singapore motorists should brace for another round of increases.
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