Fuel prices in Singapore have reached an all-time high, with petrol and diesel rates surpassing previous records set earlier this year, despite a global drop in oil prices. According to Fuel Kaki, a fuel price tracker by the Consumers Association of Singapore, diesel prices have surged up to 15% higher than their peak in March, with rates ranging from $3 to $3.05 per litre depending on the retailer.
For petrol, the prices of 92-octane now range between $3.13 and $3.20 per litre, which is 7% higher than in March. Prices for 95-octane petrol range from $3.16 to $3.25, while 98-octane petrol costs between $3.64 and $3.74 per litre. Premium 98-grade petrol is now priced between $3.77 and $3.96, marking a 0.5% increase from the March highs.
Despite the decrease in global oil prices—Brent crude dropped to US$109 a barrel from nearly US$128 in March—gasoline prices remain elevated due to market factors and higher retail margins. The price for RBOB gasoline, a proxy for wholesale petrol, has remained volatile, reflecting the challenges of passing on lower oil prices to consumers.
After applying various discounts, Caltex currently offers the lowest price for 92-octane petrol at $2.59 per litre (with an OCBC Voyage card), while Shell charges up to $2.93 per litre (with a UOB One card). Prices for 95-octane petrol vary significantly, with Sinopec leading at $2.48 per litre (with OCBC cards), while Shell’s price is the highest at $2.93.
Overall, with the latest price hike, motorists are now paying approximately 22% more for 95-octane fuel than they were in January, reflecting the continued pressure on local fuel prices despite falling global oil costs.