Motorists in Singapore are paying more for fuel after Shell, Caltex and Esso raised their pump prices by between eight and 12 cents a litre on Monday, 14 September.
The increases ended around two months of relatively stable pump prices and came as renewed tensions in the Middle East pushed global oil prices higher.
Diesel at the three retailers that raised their prices has also gone back above S$4 a litre.
Shell Moved First, Followed by Caltex and Esso
According to data from the Consumers Association of Singapore’s Price Kaki app cited by The Straits Times, Shell was the first of the three retailers to adjust its prices, doing so at noon on 14 September.
Caltex followed at around 4pm, while Esso raised its prices at 7pm.
Following the changes, diesel costs S$4.03 a litre at Shell and Esso, while Caltex charges S$4.07.
For the widely used 95-octane petrol, Shell and Esso are now charging S$3.45 a litre. Caltex’s price is slightly higher at S$3.49.
The prices are before loyalty programme and credit card discounts.
SPC and Sinopec had not raised their prices as of 8pm on 14 September.
That left 95-octane petrol at S$3.36 a litre at SPC and S$3.37 at Sinopec, up to 13 cents cheaper than at the retailers which had already adjusted their prices.
Other Petrol Grades Have Gone Up Too
Drivers who use higher-octane fuel are also seeing higher prices at some stations.
Shell and Esso are charging S$3.97 a litre for 98-octane petrol following the increase. The same grade remained at S$3.88 at SPC and Sinopec as of Monday evening.
Shell and Caltex’s premium petrol is now priced at S$4.19 a litre, compared with S$4.01 at Sinopec.
For 92-octane petrol, Caltex is charging S$3.46 a litre and Esso S$3.42, while SPC’s price remained at S$3.34.
Not every fuel grade is offered by every retailer.
Oil Prices Have Jumped Again Amid Middle East Tensions
The latest pump-price increases come as international oil markets face another bout of volatility.
Reuters reported on 14 September that Brent crude had climbed back above US$100 a barrel the previous week before gaining another 3 per cent on Monday, reaching its highest level since May.
Fresh attacks on Saudi Arabian infrastructure, including a key oil pipeline, as well as attacks on shipping have raised concerns over energy supplies and transport routes in the region.
The pressure on diesel prices is not new.
In August, Singapore’s Ministry of Trade and Industry said Asia-Pacific benchmark wholesale diesel prices had risen about 33 per cent between 7 and 27 July. They were around 68 per cent higher than levels before the Middle East conflict began.
MTI said higher wholesale diesel prices translate into higher retail pump prices and can also raise transport and production costs for goods and services.
With SPC and Sinopec yet to match Monday’s increases as of 8pm, pump prices could still change again depending on market conditions and individual retailers’ pricing decisions.
