95-octane petrol price rises to S$3.15 per litre in Singapore

SINGAPORE: Petrol prices in Singapore have climbed again, with two fuel retailers raising the price of 95-octane petrol to S$3.15 per litre.

Caltex and Esso first raised their posted pump price by 10 cents on Sunday evening. The increase lifted the price from S$3.05 per litre the day before, 8world News reports. The change affects the most commonly used petrol grade among vehicle drivers in Singapore.

The price hike comes as global oil prices surged past US$100 (S$128) per barrel. Energy supply has grown as conflict in the Middle East threatens key oil production and shipping routes, leading to fears of further price increases and potential shortages for consumers in Singapore.

Other fuel retailers in Singapore have not yet matched the latest increase. Shell, Singapore Petroleum Company (SPC), and Sinopec kept their 95-octane petrol prices unchanged as of Sunday evening. Their listed prices were lower, ranging from about S$3.02 to S$3.05 per litre.

Fuel price changes in Singapore often track global oil markets, so when international crude prices rise or fall, retailers adjust pump rates accordingly. Tensions in oil-producing regions disrupt supply, prompting markets to react and prices to climb.

For vehicle drivers, the impact shows up almost immediately at the pump station. While many motorists rely on petrol station discounts, loyalty programmes, or credit card rebates to reduce cost pressure, the headline pump price still sets the final baseline.

The crossing of the S$3 mark for 95-octane petrol is not something common except during major global energy shocks. For example, fuel costs previously surged during the Russia-Ukraine conflict in 2022, when premium petrol briefly crossed S$4 per litre. The current rise does not yet approach that level, but it signals how the global oil market can tighten from such unfortunate events.

For now, the direction of prices will likely depend on whether tensions in the Middle East escalate or stabilise. As long as supply concerns persist, pump prices in Singapore could continue to fluctuate, potentially raising consumer costs and affecting overall economic stability in the region.