Singapore petrol & diesel prices ease

Before the four-cent reduction on June 19, Caltex’s 92-octane petrol cost $3.43, matching SPC’s.

The price of 98-octane petrol is between $3.93 and $3.94 per litre, while premium petrol stands at $4.12 a litre at Caltex, $4.16 at Shell and $4.06 at Sinopec. Such fuels cost four cents more before the June 19 revision.

The price of diesel is hovering between $4.16 and $4.22 per litre, having slipped by between five and 15 cents from earlier in June. However, it has stayed higher than nearly all grades of petrol.

This is because diesel requires additional refining processes that make it costlier to produce than petrol. Adding upward pressure to the price of diesel is seasonal demand from construction and agriculture, among others.

All prices quoted are before applicable loyalty and credit card discounts.

The slipping pump prices reflect the downturn in global energy markets. The benchmark Brent crude price sat at around US$77 a barrel on June 23 – 19 per cent lower than the US$94 a barrel registered two weeks ago. This follows reports on June 14 that the US and Iran had agreed on a new framework to end the war.

Even after the latest round of reductions, fuel prices remain higher than in March, after the escalation of the Middle East war led to the closure of the Strait of Hormuz, a crucial channel for oil supplies.

In March, a litre of 95-octane petrol cost between $2.91 and $2.92.

Correction note: This report has been updated to state that the diesel price fell by five to 15 cents from earlier in June, not by five to 10 cents as previously reported.