Fuel Prices Hit Landmark High Of $4 – Here’s Why
Bad news for Singaporeans and for most of the world: fuel prices have consistently been climbing in recent months. For the first time in history, Singaporeans are seeing fuel prices at a landmark high of S$4 per litre.
This deep and intense surge in prices can be attributed to the Russian invasion of Ukraine in February this year, which has caused worldwide supply chain issues. These have ranged from a chicken shortage in Malaysia to a scarcity of sunflower oil in Europe, and the effects are ever-growing. Now, we see these effects in the fuel prices at the local pump.
Apart from the war, the COVID-19 pandemic has had a real impact on supply and demand, too. Prices dropped drastically in the midst of the pandemic since there was hardly a demand for petrol since travel and business operations were slashed significantly.
Now that the economy is back in full swing, manufacturing is picking up speed, also leading to a rise in the high prices we are currently witnessing.
The Latest Fuel Prices
Thanks to Fuel Kaki, here’s a breakdown of the current prices to expect, at time of publication. All prices are nett prices per litre without any discounts or loyalty programmes, in SGD.
Diesel:
|
Price |
|
| Caltex | $3.19 |
| Esso | $3.17 |
| Shell | $3.19 |
| Sinopec | $3.16 |
| SPC | $3.11 |
92-Octane Petrol:
|
Price |
|
| Caltex | $3.37 |
| Esso | $3.34 |
| SPC | $3.31 |
95-Octane Petrol:
|
Price |
|
| Caltex | $3.42 |
| Esso | $3.39 |
| Shell | $3.42 |
| Sinopec | $3.39 |
| SPC | $3.35 |
98-Octane Petrol:
|
Price |
|
| Esso | $3.86 |
| Shell | $3.91 |
| Sinopec | $3.86 |
| SPC | $3.83 |
Premium Petrol:
|
Price |
|
| Caltex | $4.08 |
| Shell | $4.13 |
| Sinopec | $3.99 |
With these prices, it’s worth looking into ways that you can be eligible for promotions and discounts. This can include:
- Credit card deals
- Loyalty programmes
- Mobile app usage
- Partner programmes
Other Effects of High Prices
Unfortunately, it doesn’t just stop at high petrol costs. With these exorbitant and record-hitting prices, companies are incurring higher costs, which inevitably will be passed down to the consumer.
This means that you can expect to see higher prices in almost all categories – from the fresh produce you buy to travel.
For now, forecasters are not clearly able to see when these prices will start to dwindle, but hopes remain high that the numbers will fall again after this current peak of international travel stabilises.
