All petrol prices now start from $3 a litre, with one grade nearing $4

This article is more than 12 months old

Christopher Tan Senior Transport Correspondent

Mar 09, 2022 05:35 pm

All petrol prices are now $3 or more a litre here, with one grade nearing $4 a litre as oil prices breach US$130 per barrel.

According to Consumers Association of Singapore's pump price tracker Fuel Kaki, China-owned SPC was the last to raise prices on Wednesday afternoon (March 9), joining the other four oil companies - Caltex, Esso, Shell and Sinopec - in posting petrol prices from $3.

A litre of 92-octane fuel, which can be used by the majority of cars here, is a uniform $3 at Caltex, Esso and SPC stations. Shell and Sinopec do not offer this grade.

A litre of 95-octane petrol ranges from $3.03 (SPC) to $3.23 (Shell), while a litre of 98-octane is $3.72 at Shell and $3.51 elsewhere.

The so-called premium grade 98-octane is $3.64 at Sinopec, $3.72 at Caltex and $3.94 at Shell.

The latest changes translate to increases of between eight and 17 cents a litre for 95-octane petrol, the most popular grade here. Since Feb 14, this grade has climbed as much as 45 cents, or 16 per cent.

The COE category for motorcycles recorded the largest increase of 6.4%.

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After discounts, the lowest price for 95-octane is $2.38, at three stations run by Sinopec. Among brands with sizeable networks, prices range from $2.48 (Caltex) to $2.91 (Shell).

For 92-octane fuels, prices range from $2.43 (Caltex) to $2.58 (Esso). Prices of 98-octane after discount range from $2.76 (Sinopec) to $3.35 (Shell). And for the premium grade, the range is from $2.84 (Sinopec) to $3.55 (Shell).

Brent crude oil has risen by around 35 per cent since Feb 14 to hit an intra-day high of US$131.60 on Wednesday, with the sharpest ascent posted from Feb 24 - the day Russia invaded Ukraine. RBOB gasoline, a proxy to wholesale petrol, climbed 34 per cent to US$3.72 a gallon in the same time frame.

Oil traders are now predicting that Brent - a benchmark crude - will hit US$200 a barrel if Europe and the US ban Russian oil imports.

Traders last predicted US$200 oil back in the mid-noughties. The commodity hit an all-time high of US$147 a barrel just before the 2008 global financial crisis brought prices back down to earth.