With Caltex’s move, 92-octane petrol is now a uniform S$2.71 across three of the five players here. - ST
SINGAPORE (The Straits Times/Asia News Network): Caltex has reverted to its previous pump rates after competitors did not follow its price rise last week.
The brand owned by American oil major Chevron upped its petrol prices by five cents a litre last Thursday (Sept 29), despite crude oil and wholesale fuel prices continuing to slide.
The other four pump operators – Esso, Shell, Sinopec and SPC – did not follow Caltex's move, hence the company went back to its previous prices over the weekend.
Oil industry consultant Ong Eng Tong, a four-decade trade veteran, said: "Pump operators here look at crude oil prices as well as wholesale fuel prices, but of late, more on crude.
"And unlike previously, they react quite fast to these price movements these days –especially after the issue of pump prices had been brought up in Parliament so many times recently."
With Caltex's move, 92-octane petrol is now a uniform S$2.71 across three of the five players here. Shell and Sinopec do not offer this grade, which can be used by the majority of cars here.
The 95-octane grade is now $2.76 a litre except at SPC, which has a posted price of $2.75 for this popular grade.
The 98-octane fuel is $3.23 at Esso, Sinopec and SPC, and $3.25 at Shell.
The so-called premium 98-octane grade is $3.42 at Caltex, $3.36 at Sinopec and $3.47 at Shell.
