Pump operators in S'pore cut petrol, diesel prices
All fuel pump operators here have followed Esso's lead in lowering prices.
By Thursday morning (Aug 11), Shell, Sinopec and SPC had each reduced diesel prices by 11 cents a litre and petrol prices by nine cents a litre - mirroring Esso's move on Wednesday.
Caltex was the last to match these price reductions, doing so at around 12.30pm.
Separately, the so-called premium 98-octane is now 13 cents higher at Shell than it was two weeks ago when the company retailed this grade at the same price as its regular 98-octane fuel.
According to Fuel Kaki, a petrol and diesel price tracker set up by the Consumers Association of Singapore, diesel now ranges between $2.80 (Sinopec, SPC) and $2.82 (Caltex, Shell).
The 92-octane grade of petrol, which the majority of vehicles can use, is now $2.80 a litre across all brands, while the popular 95-octane is $2.84 at SPC and $2.85 elsewhere.
The 98-octane grade is $3.34 at Shell, and $3.32 at Esso, Sinopec and SPC, while the premium 98-octane grade is between $3.45 (Sinopec) and $3.56 (Shell).
After discount, the cheapest 92-octane fuels are from Caltex (OCBC 365 card) and Esso (DBS Esso card), at $2.30 a litre. The costliest 92-octane grade is from Esso (Citibank Cash Back card, other OCBC cards), at $2.41 a litre.
Sinopec, which has only three stations here, offers the lowest price of $2.23 for 95-octane petrol (with OCBC cards). Among operators with sizeable networks, Caltex (OCBC 365 card) and Esso (DBS Esso card) offer the lowest rate of $2.34.
For 98-octane petrol, Sinopec again has the lowest rate of $2.61 (OCBC cards), followed by $2.72 at Esso (DBS Esso card).
The price cuts follow a continuing downward movement in the prices of crude oil and refined products. Rising inflation is putting a dent in demand on both automotive and non-automotive fronts around the world.
Brent crude last closed on Nasdaq at US$96.31 a barrel, its lowest since February. RBOB Gasoline, a proxy for refined petrol, is hovering just above US$3 a gallon, its lowest since April.