Petrol prices have quickly risen following a recovery in global oil prices. (Photo: 123RF.com)
Barely a week after petrol prices were lowered, several oil companies, led by American giant ExxonMobil, have increased pump rates by around three cents a litre.
Petrol prices for the popular 95-octane fuel at Esso, Shell, Caltex and Sinopec stations is now $2.02 a litre. Meanwhile, 92-octane is $1.98 at Caltex and Esso (Shell and Sinopec do not offer 92), and 98-octane is $2.39 at Esso and Sinopec, $2.41 at Shell and $2.50 at Caltex.
Diesel is now $1.70 a litre at Esso, Caltex and Sinopec, but $1.72 at Shell.
ExxonMobil, the company behind the Esso brand, was the first to raise prices on Monday. Caltex, Shell and Sinopec did so yesterday.
All prices are before discounts.
Only SPC has not yet increased its prices. Its 95-octane is still at $1.99 a litre, while its 98 is $2.33. SPC’s 92-octane is the cheapest petrol now, at $1.95. Its diesel is $1.64 a litre.
The two so-called “ultra-grade” petrols – Shell’s V-Power and Sinopec’s Sino X Power – are $2.65 and $2.55 respectively.
The latest petrol price adjustment comes on the back of recovering oil prices as countries around the world lift lockdown measures. Brent crude has gone from a low of around US$19.30 a barrel late last month to US$35.30 on Monday.
Meanwhile, RBOB Gasoline, a publicly traded commodity and a proxy for wholesale petrol price, had doubled to around US$1 per gallon in the same period.
The latest petrol price adjustment has irked motorists.
Businessman Leslie Chia, 54, said the popular perception is that oil companies are quicker to react to price rises than falls. “Like insurance companies, they ask for prompt payment of premiums but they drag their feet when it comes to paying claims.”
Despite the latest increase, petrol prices are still at their lowest this year. Prices have been reduced twice since West Texas Intermediate crude fell below zero on April 20.
The first was a cut of up to six cents on April 29 and the second was a cut of five cents on May 7.
Read about what determines petrol prices in Singapore
