Caltex, Esso, Shell raise pump prices on GST hike, Latest Singapore News - The New Paper

Caltex, Esso, Shell raise pump prices on GST hike

Three out of five oil majors have raised fuel pump prices following a one percentage point rise in the goods and services tax on Jan 1.

According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, Caltex, Esso and Shell have increased posted prices by up to three cents a litre, while Sinopec and SPC – both China-owned – have yet to change their prices.

With the adjustment, which follows a one percentage point rise in GST from 8 per cent to 9 per cent, a litre of diesel at Caltex, Esso and Shell is $2.64 – 2 cents higher than their previous rates. Diesel at Sinopec and SPC remains unchanged at $2.61.

A litre of 92-octane petrol has gone up by two cents to $2.78 at Caltex and Esso, while remaining unchanged at $2.76 at SPC. Shell and Sinopec do not offer this grade of fuel.

The popular 95-octane petrol has risen by two cents to $2.83 at Caltex, Esso and Shell, while remaining unchanged at $2.81 and $2.80 at Sinopec and SPC, respectively.

A litre of regular 98-octane fuel is $3.31 at Esso and $3.33 at Shell, three cents higher than previously. Sinopec and SPC are still posting the same rate of $3.28. A litre of premium 98-octane fuel is $3.50 at Caltex and $3.55 at Shell – an increase of three cents each. At Sinopec, this fuel is unchanged at $3.41 a litre.

The increases by the three oil majors come after a gradual slide in rates from early November as crude oil prices trended downwards on a weaker global economic outlook.

The benchmark Brent crude for March delivery headed towards US$73 (S$97) a barrel in early December – its lowest in almost six months – before recovering to hit US$78.65 in early trade on Jan 2.

After discounts, a litre of 92-octane petrol ranges from $2.28 to $2.34 a litre at Caltex, $2.28 to $2.39 at Esso and a flat $2.35 at SPC. A litre of 95-octane petrol ranges from $2.32 to $2.38 at Caltex, $2.32 to $2.43 at Esso, $2.35 to $2.43 at Shell, a flat $2.20 at Sinopec and a flat $2.38 at SPC.