Singapore pump prices fall to levels before GST hike on 1 January

SINGAPORE — Despite rising oil prices worldwide, petrol and diesel pump prices in Singapore have gone back down to levels seen before the Goods & Services Tax (GST) hike on 1 January.

According to Fuel Kaki, a website set up by the Consumers Association of Singapore to compare fuel prices, pump operators Caltex, Shell and SPC have lowered rates before the Chinese New Year weekend. The cuts were between 3 and 5 cents per litre.

For petrol, the popular 95-octane grade is now $2.69 a litre at SPC and $2.70 elsewhere. For the 92-octane grade available only at Caltex, Esso and SPC, the price is now at $2.65.

For the 98-octane fuel, it is $3.22 a litre at Shell and $3.17 elsewhere. There is also the premium grade fuel which is $3.39 at Caltex, $3.44 at Shell and $3.30 at Sinopec.

Diesel is $2.63 a litre at Sinopec and $2.64 elsewhere.

Pump prices at lowest levels since January 2022

The pump operators had raised prices after the GST rate hike of 1 percentage points to 8 per cent on 1 January. The latest revisions mean that the pump prices are back to their lowest levels since January 2022.

According to The Straits Times, oil prices are on an uptrend this year, due to higher demand from China after the country lifted most of its COVID-19 restrictions. The benchmark Brent crude last traded at US$86.56 a barrel, its highest since mid-November.

However, China is exporting more refined oil products, which can depress the wholesale prices of diesel and petrol in Singapore.

According to The Straits Times, pump-price differences are greater following discounts and promotions. For example, prices for the 95-octane fuel will range from $2.12 a litre at Sinopec to $2.32 at Esso and Shell with different card discounts.

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