SINGAPORE: When conflict erupted in the Middle East, global crude oil markets were rattled, and pump prices followed. Petrol spiked first, with motorists feeling the pinch within days.
But the dynamic has since shifted: diesel has overtaken petrol in price, and analysts say the gap is unlikely to close anytime soon.
A week before the war broke out in late February, major pump stations in Singapore were charging up to S$2.66 per litre of diesel – cheaper than the S$2.88 for 95-octane petrol.
That has since reversed. As of Tuesday (Mar 31), Shell was the most expensive at S$4.23 per litre for diesel, followed by Caltex and Esso at S$4.13, according to price comparison app Price Kaki. SPC and Sinopec charged S$3.92 and S$3.93 respectively.
By comparison, 95-octane petrol is now the cheaper option, at S$3.40 to S$3.42 per litre.
