Premium 98-octane petrol prices in Singapore have reached a record high as tensions in the Middle East continue to disrupt global energy markets.
Recent attacks linked to the escalating conflict have targeted oil and liquefied natural gas (LNG) facilities in Qatar, Saudi Arabia, and other parts of the region, while Israel has reportedly struck critical oil infrastructure in Tehran.
The strikes have raised concerns over oil production and exports, contributing to a global surge in energy prices.
On Tuesday (10 March), Shell raised the price of its premium V-Power petrol to S$4.05 per litre, surpassing the previous record of S$4.04 per litre set in June 2022 during the Russia-Ukraine war.
Source: Shell Eastern Petroleum Pte Ltd on Streetdirectory, for illustration purposes only
Checks by MS News on Tuesday using the Price Kaki app, a fuel price tracker by the Consumer Association of Singapore (CASE), show that Shell’s premium petrol rose from S$3.66 per litre the previous week to S$4.05.
Other petrol companies selling their versions of premium 98-octane fuel have also raised prices.
Source: Price Kaki
Caltex and Sinopec increased their premium petrol prices by more than 20 cents per litre, bringing them to S$3.84 and S$3.78 respectively.
Meanwhile, the largest jump among lower-grade petrol was recorded at Esso.
The price of 92-octane petrol at Esso rose by 39 cents per litre to S$3.27, compared with the previous week.
At Caltex and SPC, prices for the same grade rose more moderately to S$3.11 per litre.
Source: Chevron Singapore via Media OutReach Newswire, for illustration purposes only
Prices for 95-octane and regular 98-octane petrol have also climbed across Singapore’s five major fuel providers, though by varying amounts.
SPC continues to offer the lowest 95-octane petrol price at S$3.14 per litre, but this still represents a 27-cent increase from the week before.
Source: Price Kaki
Sinopec and Caltex are selling their 95-octane petrol at S$3.15 per litre, while both Esso and Shell have raised prices to S$3.31 per litre.
For regular 98-octane petrol, SPC and Sinopec are selling it at S$3.65 per litre.
Esso retails the same grade at S$3.81, while Shell’s price stands at S$3.83.
The steepest increase was seen in diesel prices at Shell and Esso.
Both stations are now charging S$3.24 per litre, marking a 54-cent rise in less than a week.
Source: Price Kaki
According to Motorist, fuel prices may remain elevated as uncertainties persist over oil production and shipping routes in the Middle East amid the ongoing conflict.
Also read: Petrol & diesel prices in S’pore increase amid growing conflict in Middle East
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Featured image adapted from Shell Eastern Petroleum Pte Ltd on Streetdirectory, for illustration purposes only.