The latest drop in pump prices follows a slide in oil and wholesale fuel prices on the back of global recession fears. - ST FILE
SINGAPORE (The Straits Times/Asia News Network): After an increase at the end of August, fuel pump prices fell over the weekend, with the latest adjustments made on Monday (Sept 19) morning.
Diesel prices fell by either 11 or 12 cents a litre to settle at $2.76 (Sinopec, SPC) and $2.77 elsewhere, according to Fuel Kaki, a pump price tracker run by the Consumers Association of Singapore. All grades of petrol fell by six cents a litre, with the exception of Sinopec's so-called premium-grade 98-octane, which is now 19 cents lower than three weeks ago.
Sinopec's move on Monday morning - which puts this grade on a par with its 98-octane - mirrors a similar move by Shell several weeks ago.
With the adjustments, 92-octane petrol is now a uniform $2.77 at Caltex, Esso and SPC - somewhat on a par with diesel prices.
Shell and Sinopec do not offer this basic grade, which can be used by the majority of vehicles here.
The popular 95-octane grade is now $2.82 a litre across all brands except for SPC, which is retailing it at $2.81 a litre.
The 98-octane grade is $3.31 at Shell and $3.29 elsewhere. The premium grade 98-octane is $3.29 at Sinopec, $3.48 at Caltex and $3.53 at Shell.
The latest adjustments have also resulted in posted prices converging, with differentiated rates available after credit card discounts. Petrol prices are also now at their lowest since February.
After card discounts, the lowest price for 92-octane petrol is $2.27 at Esso (with DBS Esso card) and Caltex (OCBC 365 card). The highest price for this grade is $2.38, also at Esso (Citibank Cashback; and other OCBC cards).
The lowest discounted price for 95-octane is $2.21 at Sinopec (OCBC cards), while the highest rate is $2.43 at Esso (Citibank Cashback; other OCBC cards) and Shell (various cards except for UOB One card).
The lowest price for 98-octane, which is necessary for only a minority of vehicles here, is $2.59 at Sinopec (OCBC cards), while the highest rate is $2.85 at Shell (Citibank Cashback; HSBC Visa Platinum and other HSBC cards).
Due to Sinopec's 19-cent cut in its premium-grade 98-octane, this fuel is $2.57 a litre - two cents cheaper than the regular 98-octane - at its three stations.
The latest drop in pump prices follows a slide in oil and wholesale fuel prices on the back of global recession fears.
The benchmark Brent crude last traded at US$91.90 a barrel while RBOB Gasoline - a proxy for wholesale petrol prices - last traded at US$2.42 a gallon.
Three weeks ago, the two prices were around US$100 and US$2.90 respectively.
Diesel has remained relatively resilient because of a low stockpile and the approaching winter in the Northern Hemisphere, when demand will spike.
