Shell raises pump prices as oil creeps up
Just days after Caltex retracted its pump price increases, Shell raised its diesel rate by five cents a litre and its petrol prices by three cents.
According to Fuel Kaki, a pump price tracker set up by Consumers Association of Singapore, Shell made its adjustment on Thursday afternoon.
With the changes, Shell's fuels are now the costliest in town, with the posted price for diesel at $2.79 a litre, 95-octane petrol at $2.79, 98-octane at $3.28, and its so-called premium 98-octane at $3.50.
Shell's adjustment came as oil prices reversed a month-long downward trend after major oil-producing countries agreed on Wednesday to cut production from November.
Al Jazeera reported that the Organisation of the Petroleum Exporting Countries (Opec) decided to cut supply because of "uncertainty that surrounds the global economy and oil market outlooks", and that it was acting to stabilise prices.
CNBC reported that the US has lashed out at Opec's decision, calling it "shortsighted".
The benchmark Brent crude closed at US$94.42 a barrel on the Intercontinental Exchange Europe on Thursday, up from US$89.32 last Thursday.
RBOB Gasoline, a proxy for wholesale petrol, closed at US$2.68 a gallon on the New York Mercantile Exchange on Thursday,up from US$2.58 last Thursday.
Unlike Caltex's increase last week which was not followed by other operators, Shell's move may well trigger an industry-wide price adjustment over the weekend.
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