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.
Since mid-Jan, oil prices have risen between $0.25 and $0.60 across the different grades.
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.
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).
Since mid-January, petrol prices across all grades have risen between $0.25 and $0.60 per litre.
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.
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.
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Featured image adapted from Esso Singapore.
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