Pump prices in Singapore hit new highs, with costliest grade above S$4 a litre

SINGAPORE: Fuel pump prices have climbed to new highs again to breach S$4 for the first time on the back of an imminent ban on Russian oil and increased demand as world economies return to full swing.

According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, a litre of diesel is now between S$3 (Sinopec) and S$3.08 (Shell, Caltex) - up from S$3-S$3.05 two weeks ago.

A litre of 92-octane petrol is now between S$3.26 (Esso, SPC) and S$3.28 (Caltex) - up from S$3.13-S$3.20.

A litre of the popular 95-octane fuel ranges between S$3.26 (Sinopec) and S$3.33 (Shell, Caltex) - up from S$3.16-S$3.25.

Posted prices of 98-octane petrols are between S$3.73 (Sinopec) and S$3.82 (Shell) - up from S$3.64-S$3.74 - while the so-called premium grade of 98-octane fuels is going for between S$3.86 (Sinopec) and S$4.04 (Shell).

This is the first time petrol has breached the S$4 mark here.

The relentless surge in pump prices started well before Russia's invasion of Ukraine in February, which sparked wide-ranging sanctions against Moscow that have deepened the global supply chain crisis.

The gradual - and then sudden - reopening of economies as the world emerges from the Covid-19 pandemic has also fuelled demand for fuels.

At the same time, producers are struggling to increase production - for instance, restarting refineries which had closed during the pandemic.

RBOB Gasoline, a proxy for refined petroleum products, is now around US$4.20 a gallon, its highest in more than two decades.

The benchmark Brent crude is now above US$117 a barrel, and heading towards its March high of almost US$130 a barrel.