SINGAPORE – Pump prices, which have risen steadily here since the conflict in Iran effectively closed a waterway critical to oil supplies, have surpassed records set during the Ukraine crisis in 2022.
SINGAPORE – Pump prices, which have risen steadily here since the conflict in Iran effectively closed a waterway critical to oil supplies, have surpassed records set during the Ukraine crisis in 2022.
Caltex raised the posted price of 95-octane petrol by 10 cents to $3.45 per litre at 2pm on March 13.
Its previous high was $3.42 per litre set by Shell and Caltex in June 2022, according to records available on the Consumers Association of Singapore’s Price Kaki price tracker. This came after the European Union announced a ban on Russian oil following its invasion of Ukraine.
Posted prices do not consider discounts, and may be higher than what drivers pay at petrol stations.
The most popular grade of petrol is now 57 cents, or almost 20 per cent, more expensive at Caltex than on Feb 28, when the US and Israel launched an attack on Iran.
That is the equivalent of paying $28.50 more to top up a vehicle with a 50-litre fuel tank before factoring in discounts.
Petrol station operators have been raising their prices, at times more than once a day, as global crude prices swing along with developments in the Middle East.
The largest move in 95-octane since the outbreak of the Middle East conflict was also by Caltex, which raised posted prices by 20 cents past midday on March 10.
The grade is priced at $3.40 per litre at Shell and Esso, with cheapest being $3.30 per litre at SPC.
Posted prices of 92-octane petrol, 98-octane petrol and the so-called “premium” 98-octane petrol crossed Ukraine war highs in recent days.
Most petrol stations are also pricing diesel higher than the peak of $3.19 per litre recorded in March 2022, when Russia’s invasion of Ukraine intensified.
Singapore does not produce crude oil and imports all that it needs, with most suppliers being based in the Middle East.
The Strait of Hormuz has typically supported the transportation of oil and gas from the Middle East to countries in Europe and Asia.
The critical waterway, which usually handles a fifth of the world’s oil supply, has been effectively closed because of the conflict.
It is unclear how much of Singapore’s crude oil supply is being affected by the war.
Petrol prices in Singapore are fixed daily, with retailers considering the Mean of Platts Singapore (MOPS) average of daily price assessments published by S&P Global Platts, which are not made public.
The assessments have been volatile and skewed to the upside through most of the week of March 2, according to analysts.
Crude oil prices, which have risen since the war in Iran began, also heavily influence pump prices.
Caltex’s website states: “The cost of crude oil contributes to almost 50 percent of the retail price of petroleum.
“Political volatility in oil producing regions has historically impacted on crude oil prices and the political situation in the Middle East is of global concern.”
