Petrol prices fall to lowest in four months, with two grades below $3 a litre
Fuel pump prices continued to slide on Friday (July 22), losing up to seven cents a litre to settle at four-month lows.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, the posted price for diesel now ranges from $2.91 (Sinopec, SPC) to $2.93 (Caltex, Shell). As recently as two weeks ago, they were all above $3 a litre.
As for petrol, the 92-octane grade is a uniform $2.89 a litre. Two weeks ago, it was $3.30.
The popular 95-octane is $2.94 a litre except at SPC, where it is one cent lower at $2.93.
The 98-octane grade, necessary only for a few cars, is $3.14 except at Shell, where it is $3.43. The so-called premium 98-octane grade is between $3.43 (Shell) and $3.58 (Caltex).
The reduction came on the back of further easing in wholesale fuel prices. RBOB gasoline, a proxy for refined petrol, last closed at US$2.99 a gallon - its lowest since March.
Industry watchers said rising inflation and fears of an approaching recession have caused people to cut back on driving and commuting.
After discount, Caltex's 92-octane is between $2.37 and $2.43 a litre, while Esso's is between $2.37 and $2.49.
At SPC, the only other operator which offers 92-octane, the fuel is a uniform $2.46.
The 95-octane fuel is cheapest at Sinopec, at $2.30 a litre. Among operators with sizeable station networks, Caltex's 95-octane is $2.41 for OCBC 365 card, and $2.47 for a range of other cards, while Esso's prices range from $2.41 to $2.53.
The 98-octane fuel is $2.68 at Sinopec, but only with OCBC cards.
Elsewhere, the petrol is $2.90 at SPC (a range of cards), and between $2.80 and $2.93 at Esso. At Shell, the fuel is $2.85 (HSBC Premier Mastercard and UOB One card) and $2.95 (a range of other cards).
The last time pump prices were lower was in February this year.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now
