Pump prices in Singapore have dropped for as low as S$0.05 per litre following a week after the crude oil crashed to record lows.
According to Fuel Kaki, the price of 95-octane petrol, which is the most popular grade in the country, fell to S$2.04 from the previous price of S$2.09 at petrol stations Esso, Shell, SPC, and Sinopec. As for Caltex, it is selling at S$2.06 litre.
The downward revision of prices was made on Wednesday (29 April) for all brands expect Sinopec, which only adjusted its prices earlier this morning (30 April).
At Esso and SPC, the price of the 92-octane grade is currently S$2 whereas the price at Caltex is S$2.02.
Shell and Sinopec both do not sell 92-octane petrol. Sinopec is said to obtain its supplies from Shell.
At the other end of the price continuum, the 98-octane petrol is sold at the cheapest price at SPC at S$2.38 per litre. The next cheapest brands are Esso and Sinopec at S$2.41, followed by Shell at S$2.43.
Meanwhile, at Caltex, the price of 98-octane is retailing at S$2.53 per litre, as the company brands itself a rival to Shell’s V-power.
As for the special grades fuel sold by Shell (V-Power) and Sinopec (Sino X Power), both are retailing at S$2.65 and S$2.55 per litre, respectively.
The price of diesel is the cheapest at SPC at S$1.64 per litre. The second cheapest are Esso and Sinopec at S$1.67 each, followed by Shell at S$1.68. Diesel sold by Caltex is the most expensive at S$1.69 per litre.
All stated prices are pre-discounted prices.
As for Malaysia, only diesel prices have been adjusted downwards from RM1.43 per litre to RM1.40 per litre effective from 25 April to 1 May. The prices of RON95 and RON97 are unchanged at RM1.25 and RM1.55, respectively.
“The price for RON95 and diesel have remained unchanged over the past year as the government had implemented the Automated Pricing Mechanism, but significant changes in the global fuel price over the week have compelled the government to reintroduce weekly fuel pricing for RON95 and diesel as well,” as stated by RinggitPlus.
The point of note is that while the petrol prices dropped for Singapore, the same cannot be said for Malaysia. This is despite a week has passed following the global oil price crash.
Although this week has seen oil prices rebound, so much so that traders are making bets in this period, analysts have cautioned that this rebound is only temporary as the global storage capacity of oil reaches its limits.
And true enough, on Monday (27 April), oil prices dropped 25 per cent, driven by the limited storage capacity as well as the crippled demand for oil due to COVID-19.