Singapore

Pump prices increase for third time in three weeks

Pump prices have gone up again, the third increase in as many weeks.

The latest to move prices up was Esso, which adjusted its petrol and diesel rates on Monday.

This followed similar moves by SPC, Shell and Caltex last Thursday, and Sinopec on Oct 19, according to pump price tracker Fuel Kaki, an initiative of the Consumers Association of Singapore.

The increases were between four cents and five cents a litre.

With the latest change, SPC still has the lowest posted prices before discount. Its 92-octane petrol is retailing at $2.55 a litre, up four cents from previously.

Its 95-octane is $2.58, up five cents; while its 98 is $3.06, up four cents.

SPC's diesel is priced at $2.13, up five cents from its previous rate.

Shell remains the priciest, with its 95-octane at $2.65, its 98 at $3.12 and a so-called special grade 98 at $3.34. It does not dispense 92-grade fuel.

Shell's diesel is $2.18, on a par with Caltex.

The ranking is somewhat different after various credit card discounts. Comparing 95-octane petrol - the most popular grade, Shell is still the costliest, with its cheapest price at $2.28.

Next down the line is SPC, at $2.19, followed by Esso ($2.16) and Caltex ($2.15). The cheapest 95-grade petrol is from Sinopec, at $2.03 a litre.

The priciest fuel all around is Shell's special 98-octane, which is as high as $3.01 after credit card discounts. It is the only fuel above $3 after such discounts.

The latest round of pump price increases is fuelled by higher prices of crude oil and refined products, on the back of rising demand as economies around the world re-emerge from various stages of pandemic restrictions.

The price of RBOB gasoline has gone up to US$2.52 (S$3.40) a gallon, 6.3 per cent higher than two weeks ago. RBOB is a futures product that can be seen as a proxy for wholesale petrol.

Brent crude oil is US$86 per barrel, up 2.4 per cent, while Dubai crude is US$81.60, up 2 per cent. - THE STRAITS TIMES

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