Fuel pump prices in Singapore continue to slide
In a welcome move for motorists, most of Singapore's fuel pump operators, except Caltex, have reduced their prices, following a drop in global oil prices.
Hey everyone, let's talk about something that's probably music to many ears: fuel prices in Singapore are on the downswing!
That's right, with the exception of Caltex, it looks like our fuel pump operators are slicing their prices yet again, and it's all thanks to Esso getting the ball rolling.
Now, here's what's happening behind the scenes. Oil prices globally have been a bit gloomy, reflecting worries about the world's economic outlook.
Take the benchmark Brent crude for January delivery, for instance. It dipped to US$77.50 a barrel on November 16, but then made a bit of a comeback to US$81.10 by early trade on November 20. Just a month ago, in mid-October, we were talking about US$92 a barrel!
So, what does this mean when you're at the pump?
For diesel lovers, prices have dropped by up to five cents a litre. Petrol's not far behind with a decrease of up to three cents.
The price-cutting squad includes Esso, Sinopec, SPC, and Shell, while Caltex is still mulling over their next move as of November 20.
If you're a numbers person, here's a quick breakdown: Diesel now ranges from $2.64 (Sinopec) to $2.70 (Caltex), while 92-octane petrol is between $2.79 (Esso) and $2.82 (Caltex, SPC).
The more popular 95-octane petrol is priced from $2.84 to $2.87, and regular 98-octane fuel is between $3.31 and $3.34.
For those who prefer the so-called premium grade of 98-octane, it's between $3.44 (Sinopec) and $3.55 (Shell).
After discounts, the picture gets even better.
The average price of 92-octane petrol is between $2.35 and $2.40, while 95-octane is between $2.23 and $2.43. Regular 98-octane petrol after discounts is between $2.60 and $2.84, and premium 98-octane is between $2.68 and $3.01.
As for diesel, you're looking at an average price range of $2.06 to $2.26 after discounts.
So there you have it! It's not every day we get to share some good news about fuel prices.
For those of you hitting the roads, enjoy the extra savings!