Pump prices in Singapore have risen for the fourth time in three weeks


Pump prices have risen for the fourth time in three weeks, continuing an upward trend that may see the most common 95-octane gasoline touch $3 a liter by next year, and the most expensive “special” grades cross $4.Caltex initiated the most recent round of price hikes on Wednesday (October 27), followed by Sinopec on Thursday. Caltex fuels are now on par with the previous most expensive brand, Shell, according to rates released by Fuel Kaki, the Consumers Association of Singapore’s pump price tracker.
Caltex is now selling a liter of 92-octane for $2.65 before discounts, while 95-octane is $2.69, diesel is $2.23, and a premium 98-grade is $3.32. The 95-octane and diesel pricing are the same as Shell’s but are up to 11 cents more than SPC’s. Although, like Shell, Sinopec does not sell 92 gasoline and has reduced its 95 and 98 gasoline to $2.63 and $3.10, respectively, to compete with Esso.
The most recent adjustments came only days after Esso was the driving force behind the last hike earlier this week. Caltex and Shell are the two most expensive brands after credit card reductions. For example, Caltex 95 has a price range of $2.18 to $2.31 per liter, compared to $2.31 to $2.42 for Shell after card savings.
SPC’s 95-octane is a flat $2.19 across five credit cards, whereas Esso’s is between $2.16 and $2.26.
The newest participant with only three stations, Sinopec, provides a discounted pricing of $2.06, up from $2.03 earlier, even though their program only has two cards, whereas the others have five or more.
Since mid-2020, gas prices have been continuously climbing. They reached their most extraordinary level since the circuit breaker period of April to June last year in February of this year. At the time, a liter of 95-octane gasoline cost $2.19 at all stations except SPC ($2.15).


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