Caltex first to raise petrol prices days after cuts by pump operators

This article is more than 12 months old

Christopher Tan, Senior Transport Correspondent

Sep 29, 2022 08:07 pm

Caltex has raised its petrol pump prices by five cents a litre, just days after an industry-wide reduction.

The adjustment was recorded by Fuel Kaki - a pump price tracker set up by Consumers Association of Singapore - at 1.22pm on Thursday.

So far, none of the other four pump operators have followed Caltex's price increase, which came even as raw material and wholesale prices continued to dip.

The benchmark Brent crude oil last traded at US$89.32 a barrel, while RBOB gasoline - a proxy for wholesale petrol - last traded at US$2.58 a gallon. Both are close to their lowest levels this year.

Rising inflation and a looming global recession have kept demand for fuel and energy subdued. Reuters also reported that in China, the world's biggest crude oil importer, travel during the approaching week-long national holiday is set to hit the lowest level in years because of Beijing's persistent zero-Covid-19 rules.

With the increase, Caltex petrols are now the priciest. Its 92-octane fuel is $2.76, compared with $2.71 elsewhere. Its 95-octane is $2.81, compared with $2.75 at SPC and $2.76 elsewhere.