Pump prices in Singapore fall for all grades of fuel; 92-octane now closer to $3
Posted prices for 92-octane petrol eased closer to the $3 mark on Thursday (July 7), with price cuts of between 12 cents and 29 cents a litre across the five brands.
According to Fuel Kaki, a pump price tracker initiated by the Consumers Association of Singapore, Caltex, Esso, Shell, Sinopec and SPC have adjusted prices since Wednesday.
Sinopec, which has the smallest network of stations in Singapore, slashed the price of its premium 98-octane petrol by 29 cents a litre.
Its 98-octane fuel, which is the next highest grade, is down 16 cents a litre. Both grades are now priced at $3.62 a litre.
Shell was the next biggest mover, lowering prices by 20 cents a litre across its range of petrol.
With the latest round of revisions, it costs $3.15 a litre for Shell's 95-octane petrol and $3.64 a litre for both its 98- and premium 98-octane fuels.
SPC reduced prices by 16 cents a litre across all three grades of petrol it offers.
Its posted petrol prices are now $3.10, $3.14 and $3.62 a litre for the 92-, 95- and 98-octane fuels.
Esso's posted prices match SPC's for the 92- and 98-octane petrol. But at $3.15 a litre, its 95-octane petrol is a pricier.
Caltex priced its petrol at $3.11, $3.19 and $3.83 per litre for the 92-, 95- and premium 98-octane fuels.
Diesel prices are more closely aligned with just 2 cents a litre separating the most expensive (Caltex and Shell at $3.02 a litre) and the cheapest (Sinopec and SPC at $3 a litre).
MPs had raised the issue of surging crude oil prices and the impact on drivers several times in recent parliament sittings.
On Tuesday, Minister of State for Trade and Industry Low Yen Ling said the Government will not regulate or cap pump prices as doing so distorts the market.
But she added: "The Competition and Consumer Commission of Singapore monitors the fuel market closely and will not hesitate to investigate the practices of the retail operators.
"We will take firm enforcement actions against any anti-competitive behaviour."
While he is glad pump prices are down, Mr Gordon Tiang, 47, who works in telecommunications, said they are still high.
"It is good that prices are coming down. But the drop does not feel very significant," he said.
"It still costs too much to fill up my car."
Mr Tiang has been paying more than $100 each time he fills up his 1.6-litre family sedan with 95-octane petrol.