SINGAPORE – Pump prices have fallen for the second time this week, with Esso, Caltex and Shell lowering rates on Friday morning.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, Esso and Shell cut petrol prices by six cents a litre across the board while Caltex lowered its rates by three cents.
With the latest adjustment, Esso’s petrols are the cheapest here, with its 92-octane at $2.71 before discount, its 95-octane at $2.76, and its 98-octane at $3.23 a litre. Its diesel at $2.74 is on a par with prices posted by Caltex and Shell.
The latter’s 92-octane petrol is $2.74 a litre, its 95-octane $2.79, and its premium 98-octane $3.45. Caltex does not offer regular 98-octane fuel.
The other two China-owned pump operators – Sinopec and SPC – are likely to follow suit with reductions by the weekend, if not sooner. Meanwhile, Sinopec has raised its premium 98-octane fuel by 13 cents after briefly lowering it earlier this week.
The cuts by Esso, Caltex and Shell follow a further slide in oil prices. The benchmark Brent crude last traded at US$90.26 a barrel on the Intercontinental Exchange Europe, down from US$91.90 on Tuesday.
Oil prices are sliding on the back of growing recessionary fears and rising inflation crimping demand.
After discount, Sinopec still offers the cheapest petrol here, with its 95-octane at $2.21 a litre (with selected OCBC cards), but the company has only three stations in Singapore. Among operators with sizeable networks, Esso’s 92-octane is next at $2.22 a litre (with DBS Esso card).