All pump prices fall; 92-octane petrol prices drop below $3 a litre
All fuel pump prices have fallen since Esso initiated a sharp 14-cent cut in rates last week.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, the other four brands - Caltex, Shell, Sinopec and SPC - adjusted their posted prices downwards over the weekend.
All matched Esso's reduction of 14 cents for petrol and four cents for diesel, except for SPC, which cut diesel price by seven cents and petrol prices by 16 cents a litre.
With the change, diesel now ranges from $2.93 (SPC) to $2.98 (Caltex, Shell), and 92-octane petrol ranges from $2.94 (SPC) to $2.96 (Caltex, Esso) - the first time that all brands of 92-octane fuel are below $3 since April.
This also means 92-octane fuels from Caltex and Esso are priced below their diesel rates - an uncommon occurrence since diesel, which attracts a far lower duty, has traditionally been noticeably less costly than the least expensive petrol here.
Shell and Sinopec do not offer 92-octane fuel.
The popular 95-octane grade is $3.01 across all brands except SPC, which is pricing it at $2.98. The 98-octane grade, necessary only for a minority of cars here, is now between $3.46 (SPC) and $3.50 (Shell).
The so-called premium grade of 98-octane petrol is now between $3.50 (Shell) and $3.65 (Caltex).
After discount, the lowest price for 92-octane petrol is $2.43 a litre from Caltex (OCBC 365 card) and Esso (DBS Esso card). The highest is $2.55 from Esso (Citibank Cashback card and other OCBC cards).
For 95-octane, Sinopec's $2.36 (OCBC cards) is the lowest, but it has only three stations. Among operators with a sizeable network, Caltex (OCBC 365 card) and Esso (DBS Esso card) offer the lowest rate of $2.47 a litre. The highest 95-octane rate is $2.59 (Shell, with cards other than UOB One card) and Esso (Citibank Cashback card and OCBC cards except for OCBC 365 card).
For 98-octane, Sinopec again has the lowest rate of $2.74 (OCBC cards), followed by Esso's $2.85 (DBS Esso card). The highest rate is $3.01, posted by Shell (various Citibank and HSBC cards).
The pump price adjustment came on the back of Brent crude oil futures tumbling below US$100 a barrel for the first time since April. RBOB gasoline, a proxy for refined petrol, is hovering at around US$3.20 a gallon, the lowest in more than three months.
Growing inflation and rising interest rates are fuelling fears of a global recession, which dampens demand for oil. Motorists have also been cutting back on mileage clocked in response to steep pump prices, while a gradual shift to electric vehicles is also crimping fuel demand.