Singapore’s petrol pump prices plummet after five-week ascend

At present, 92-octane petrol stands at $2.85 in Caltex and Esso, and at $2.84 in SPC. Shell and Sinopec do not offer this grade of petrol.

The current price for 95-octane is $2.90 per litre at all stations except SPC, where it is $2.88.

For the regular 98-octane fuel, prices are as follows: $3.37 at Esso and Sinopec, $3.36 at SPC, and $3.39 at Shell. As for the premium 98-octane petrol, it is priced at $3.56 in Caltex, $3.61 in Shell, and $3.50 in Sinopec.

Diesel prices remained unchanged across three brands. Caltex’s rate fell by five cents, while SPC increased its price by three cents since late September.

With discounts factored in, the 92-octane grade ranges from $2.34 to $2.45 at Esso, $2.34 to $2.39 at Caltex, and remains steady at $2.41 at SPC.

The 95-octane grade is priced at $2.27 at Sinopec, $2.45 at SPC, predominantly $2.44 at Caltex, mostly $2.49 at Shell, and between $2.38 and $2.49 at Esso. Sinopec, although having the lowest pump prices, operates only three stations, with discounts tied to two credit cards issued by one bank.

As for the regular 98-octane grade, it is priced at $2.65 at Sinopec, $2.86 at SPC, between $2.81 and $2.92 at Shell, and between $2.76 and $2.90 at Esso. Caltex does not offer this grade of petrol.

These price reductions are in line with the downward trend in oil prices.

Brent crude, the industry benchmark, dropped to US$84 per barrel in early October after reaching US$96 in late September.

However, a shift occurred following the outbreak of the Israel-Hamas conflict on October 7, causing oil prices to rebound.

As of Monday, Brent for December delivery was just under US$91 per barrel on the Intercontinental Exchange.

On Monday, Reuters highlighted the conflict as one of the most significant geopolitical risks to oil markets since Russia’s invasion of Ukraine in 2022.

Concerns are mounting regarding any potential escalation involving Iran.