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Fuel pump prices in Singapore continue to slide

2023-11-21 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE – With the exception of Caltex, fuel pump operators have shaved prices again in a round led by Esso.

The price cuts come about a week after the last one, following a further depression of oil prices on fears of a bleaker global economic outlook.

The benchmark Brent crude for January delivery sank to US$77.50 a barrel on Nov 16, before rebounding to US$81.10 in early trade on Nov 20 on expectations of another supply cut by major producers to shore up prices.

As recently as mid-October, the commodity had hovered about US$92 a barrel.

At the pumps here, the posted price of diesel fell by up to five cents a litre, while petrol rates dipped by up to three cents. The cuts were made by Esso, Sinopec, SPC and Shell, while Caltex had yet to react as at Nov 20.

According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, a litre of diesel now ranges from $2.64 (Sinopec) to $2.70 (Caltex), while a litre of 92-octane petrol – a fuel offered by only Caltex, Esso and SPC – is between $2.79 (Esso) and $2.82 (Caltex, SPC).

The popular 95-octane petrol now ranges from $2.84 a litre (Esso, Sinopec, Shell) to $2.87 (Caltex), while the regular 98-octane fuel is from $3.31 (Esso, Sinopec) to $3.34 (SPC). Meanwhile, the so-called premium grade of 98-octane is between $3.44 (Sinopec) and $3.55 (Shell).

After discounts, 92-octane petrol averages between $2.35 (Esso) and $2.40 (SPC), while 95-octane averages between $2.23 (Sinopec) and $2.43 (SPC).

The average price of regular 98-octane petrol after discounts ranges from $2.60 (Sinopec) to $2.84 (SPC), while that for the premium 98-octane fuel is between $2.68 (Sinopec) and $3.01 (Shell).

As for diesel, average price ranges from $2.06 (Sinopec) to $2.26 (Shell).