Pump prices fall for first time in months
Fuel pump prices have dipped across several brands - the first time in months.
According to Fuel Kaki, a pump price tracker initiated by Consumers Association of Singapore, Caltex, Esso and Shell dropped posted prices mostly by two to four cents a litre on Friday (July 1). Shell however, slashed its so-called premium petrol by 25 cents, in an apparent bid to shore up falling sales.
The two Chinese companies - Sinopec and SPC - have yet to adjust prices, but are expected to do so soon.
With the change, 92-octane petrol is now between $3.30 (Esso) and $3.34 (Caltex, SPC), while the popular 95-octane is between $3.35 (Esso) and $3.39 (Caltex, Shell, Sinopec).
The 98-octane grade, which is necessary for a minority of cars here, is between $3.82 (Esso) and $3.88 (Shell), while its premium variant ranges from $3.88 (Shell) to $4.05 (Caltex).
Diesel is now between $3.14 (Esso) and $3.17 (Caltex, Shell).
The latest adjustment makes Esso the brand with the least expensive fuels, and Caltex the costliest.
After discount, the least costly petrol among operators with a sizeable station network is Esso's 92-octane at $2.71 a litre (with DBS Esso card), followed closely by its 95-octane at $2.75 (DBS Esso card).
Sinopec's 95-octane is lower at $2.66 (OCBC cards), but it has only three stations.
For 98-octane petrol, the cheapest is Sinopec at $3.03 a litre (OCBC cards), followed by Esso's $3.13 (DBS Esso card).
Brent crude closed on Nasdaq on Thursday at below US$115 a barrel, from above US$123 earlier in the month. The benchmark oil however was trading as low as US$110 before recovering late last week.
RBOB Gasoline, a proxy for refined petrol, traded at US$3.54 a gallon in early trade on Friday, from $4.28 earlier in the month.