Latest News

S’pore Petrol Prices Start From $3/Litre Across All Grades As Ukraine War Hits 2-Week Mark

Singapore Petrol Prices Hit $3/Litre On 9 Mar

The ongoing Russia-Ukraine conflict has had a massive impact on global commodity prices.

Oil prices, in particular, have been surging since the start of the conflict, given Russia’s status as the 2nd largest oil exporter in the world.

On Wednesday (9 Mar), petrol prices in Singapore hit the $3/litre mark across all grades as the war approaches its 2-week mark.

Source

Since mid-Jan, oil prices have risen between $0.25 and $0.60 across the different grades.

92-octane petrol prices hit $3 at Caltex, Esso & SPC

According to Fuel Kaki’s price estimator, as of 10am on Wednesday (9 Mar), Caltex and Esso had raised the price of its 92-octane petrol to $3/litre before discounts. The same grade of petrol was priced at $2.84/litre at SPC.

Source

Later in the afternoon, however, the China-owned petrol company reportedly raised the price of its 92-octane fuel to match that of its competitors.

Meanwhile, prices of 95-octane fuel ranged from $3.23 (Shell) to $3.03 (SPC), reported The Straits Times (ST).

Source

 

Since mid-January, petrol prices across all grades have risen between $0.25 and $0.60 per litre.

US announces ban on Russian oil & gas exports

The price increase comes a day after President Biden announced that the US would be banning oil and gas exports from Russia to punish them for the invasion.

EU countries, which are more reliant on Russia for their energy needs, also announced plans to achieve “energy independence” from Moscow.

Leaders of the bloc stated that they could not ban Russian oil imports completely as households and firms are already struggling with high prices for fuel and heating, reports CNN Business.

On the other hand, the UK said that it would stop importing Russian oil by the end of 2022.

As for Singapore, Minister for Trade and Industry Gan Kim Yong had earlier warned that food prices might rise over the coming months due to increasing energy costs.

Motorists can consider alternative modes of transport

The increase in fuel prices resulting from Russia’s invasion of Ukraine shows how connected countries are around the world.

Even though the conflict might not affect Singapore directly, we are not spared from surging oil and gas prices, which would also affect utility bills, food prices, and delivery costs.

Considering the sky-high oil prices now, concerned motorists may have to drive less often and opt for budget-friendly alternatives, such as public transport.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Esso Singapore

The Must Share News Team

Teamwork makes the dream work.

Recent Posts

Water supply cut off at Woodlands block for more than 1 day, residents shower at swimming pool

Residents queued to collect water from taps in the void deck or PUB water wagons.

14 Nov 2024, 2:15 am

URL on ‘Wicked’ dolls’ packaging links to porn site, Mattel apologises for misprint

The misprinted boxes are now coveted items on eBay.

13 Nov 2024, 6:30 pm

‘It suits you’: Daughter in Thailand asks for car, dad gets her tuk tuk instead

And she named her new purple ride after a popular Thai rum.

13 Nov 2024, 6:01 pm

2 boys rush out of MRT to return laptop left by alighting passenger, praised for actions

They managed to run back onto the train in time.

13 Nov 2024, 5:29 pm

Croatian scientist treats own breast cancer with viruses she developed in lab, has been cancer-free for 4 years

During the treatment, her tumour substantially shrank and was later removed easily.

13 Nov 2024, 5:16 pm

Boy with autism in M’sia refuses to get his haircut, barber patiently plays with him

The barber played with the autistic boy until he was ready for haircut.

13 Nov 2024, 5:15 pm