Petrol pump prices is hiking up increasingly. Pump prices have gone up to what they were before the Covid-19, hitting their highest in almost a year.
A litre of the most popular 95-octane petrol is currently retailing on the average price ranging from S$2.34 – S$2.41, according to fuel price tracker Fuel Kaki, an initiative of the Consumers Association of Singapore. The 92- octane grade is retailing at S$2.31 – S$2.34 while the 98-octane grade is retailing at between S$2.80 to S$2.88. The price of Diesel is now selling at the lowest price for S$1.88 (at SPC) a litre.
The prices quoted are extracted from fuel kaki and the prices reflecting are all before discount. The outbreak of Covid-19 has helped fast forward the oil and gas industry and has resulted in a crash in global oil prices.
During the circuit breaker which lasted from April to early June, pump prices fell to their lowest levels in several years, with the 92-and 95-octane grades slipping below S$2 per litre. Oil and refined products have since rebounded strongly too.
According to Bloomberg, Brent crude traded last Friday at US$59.34 a barrel, up from US$19.33 last April. RBOB gasoline, a publicly traded commodity and a proxy for the wholesale petrol price, was US$1.65 a gallon last Friday, up from as low as 41 US cents last March.