Petrol prices in Singapore have risen by three cents a litre at most retailers.
The increase in petrol prices is the latest fallout on oil markets. It follows the assassination of Iranian military leader Qassem Soleimani by US forces last week.
A litre of petrol at major fuel retailers here costs $2.34 for 92-octane, $2.38 for 95-octane and $2.77 for 98-octane. Diesel is $1.99 a litre.
Petrol prices at major retailers
Caltex’s 98 with Techron is $2.80, while Shell’s V-Power is close to $3, at $2.94. All prices are before discounts.
SPC was the only major player to resist the latest hike, with its petrol prices remaining unchanged as of yesterday afternoon.
Observers said that while the killing of Soleimani has made the market more volatile, crude prices had already been climbing before his death.
This was fuelled by a thaw in the US-China trade war and ongoing supply cuts from major oil producers. Brent crude ended last year at a four-month high of US$66 per barrel.
Brent crude has since risen further, ending at US$68.91 on Monday.
The current volatility is also attributable to uncertainty over how Iran will respond to the killing. Many Iranian leaders have warned of reprisals.
Singapore oil industry consultant Ong Eng Tong reckons oil prices will rise as Iran is likely to retaliate, and that would in turn ignite US sanctions, which will drive oil prices higher.
The last time pump prices went up was just before Christmas, when rates moved up by three cents a litre.
Compared with 18 months ago, petrol prices in Singapore are up seven cents.