As the conflict between Russia and Ukraine persists, petrol prices around the world have seen a steady increase.
The effects of the conflict have reached an all-time high in Singapore as of 3 Jun, and prices for the costliest option at some petrol stations have crossed the S$4 per litre mark.
This apparently marks the first time prices have crossed that threshold in Singapore.
With an imminent global ban on Russian oil yet to take off, the price would only increase as economies return to full swing.
According to The Straits Times (ST), fuel pump prices have breached the S$4 mark for the first time on 3 Jun 2022.
The particular petrol option that has achieved that feat is the premium grade of 98-octane fuel from Shell.
At the point of writing and according to the Shell website, each litre of this petrol would cost you S$4.04.
Source: Shell Singapore
Aside from this petrol choice, other options such as the 92 and 95 octane petrol have also seen a slight increase in prices.
Caltex, too, is on the brink of crossing the S$4 mark as their Platinum 98 option costs S$3.99 per litre.
The surge in petrol prices has not ceased since our initial report back in Mar 2022.
Now, as more of the world is opening up following significant ease in pandemic measures, we can expect that this trend will continue well into the latter half of the year.
Let’s hope the increase will be manageable and eventually stop so it won’t place a huge strain on people’s finances.
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Featured image adapted from Green Roofs.