We all saw this coming, didn’t we?
With the recent Russian invasion, petrol prices have constantly been on the rise since then.
And now, no matter where you go, you’ll have to fork out at least $3 for a litre of petrol.
Currently, prices are approaching US$130 (approximately S$176.56) per barrel.
As mentioned by Fuel Kaki, the Consumers Association of Singapore’s pump price tracker, Chinese company SPC was the final oil company that increased its prices yesterday (9 March), making all the oil companies in Singapore have petrol prices of above $3 per litre.
92-octane fuel, a type of petrol that can be used by most cars in Singapore, is priced at $3 per litre across all the companies that provide it (Caltex, Esso and SPC).
After various discounts, you’ll be able to snag a litre of 92-octane fuel at prices ranging from $2.43 per litre (Caltex) to $2.58 per litre (Esso).
On the other hand, the most widely used grade of petrol, 95-octane, will cost you anywhere from $3.03 to $3.23 depending on the oil company. SPC has the lowest rates, while Shell has the highest.
With a rise in eight to 17 cents per litre for 95-octane petrol, the total increase in the cost of 95-octane petrol has reached a new high of up to 45 cents, or up to 16%.
For those of us who can already feel a hole burning through our wallets, don’t fret: There are still discounts available.
After discounts, a litre of 95-octane fuel will cost $2.38 at Sinopec. However, if you’re looking for a cheaper brand with more petrol stations, the discounted prices range from $2.48 at Caltex to $2.91 at Shell.
If you’re looking for 98-octane, you can get a litre of it for $3.72 at Shell and $3.51 at other oil companies. Discounts will lower the price to a minimum of $2.76 per litre at Sinopec to $3.35 at Shell, which is the highest price for 98-octane.
Additionally, if you’re still feeling a little more atas, you can get the more “premium” fuel at $3.64 per litre at Sinopec, $3.72 per litre at Caltex and $3.94 per litre at Shell. After discounts, a litre of it will cost you anywhere between $2.84 (at Sinopec) to $3.55 (at Shell).
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With the discussion regarding banning Russian oil imports still going on, the price of Brent crude oil has increased by about 35% since 14 February. Just yesterday (9 March), it hit an intra-day high of US$131.60 (approximately S$178.61).
The greatest increase per day happened on 24 February, the day when Russia invaded Ukraine.
RBOB gasoline, a proxy to wholesale petrol, increased by 34% to US$3.72 (approximately S$5.05) per gallon during the same period of time.
Currently, it is predicted that should Europe and the United States ban Russian oil imports, the price of Brent will reach US$200 (approximately S$271.45) per barrel.
The last time that oil traders had a prediction of US$200 was in the mid-2000s, when the price of a barrel of oil climbed to a record-high US$147 (approximately S$199.50) before the 2008 global financial crisis pushed prices back down again.
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