SINGAPORE – All fuel pump operators except Caltex have followed Esso’s lead in lowering prices.
By Thursday morning (Aug 11), Shell, Sinopec and SPC had each reduced diesel prices by 11 cents a litre and petrol prices by nine cents a litre – mirroring Esso’s move on Wednesday. Only Caltex has not changed its posted prices, but is expected to do so soon.
Separately, the so-called premium 98-octane is now 13 cents higher at Shell than it was two weeks ago when the company retailed this grade at the same price as its regular 98-octane fuel.
According to Fuel Kaki, a petrol and diesel price tracker set up by the Consumers Association of Singapore, diesel now ranges between $2.80 (Sinopec, SPC) and $2.93 (Caltex).
The 92-octane grade of petrol, which the majority of vehicles can use, is now between $2.80 (Esso, SPC) and $2.89 (Caltex), while the popular 95-octane ranges from $2.84 (SPC) to $2.94 (Caltex).
The 98-octane grade is $3.32 at Esso, Sinopec and SPC, and $3.34 at Shell, while the premium 98-octane grade is between $3.45 (Sinopec) and $3.58 (Caltex).
The price cuts follow a continuing downward movement in the prices of crude oil and refined products. Rising inflation is putting a dent in demand on both automotive and non-automotive fronts around the world.
Brent crude last closed on Nasdaq at US$96.31 a barrel, its lowest since February. RBOB Gasoline, a proxy for refined petrol, is hovering just above US$3 a gallon, its lowest since April.