All Singapore pump prices down after SPC's two-week standoff

[SINGAPORE] All pump operators have adjusted their prices downwards since Esso and Shell reduced rates by around three Singapore cents last Friday.

Caltex and Sinopec responded to that reduction last Saturday. Their 92 and 95-octane petrols are now S$1.95 and S$1.99 per litre before discount respectively, according to Fuel Kaki, a pump price tracker managed by the Consumers Association of Singapore.

Sinopec's 98-octane is now S$2.36 a litre, matching Esso's equivalent price, and two Singapore cents lower than Shell's. Caltex has priced its so-called "ultra premium" 98-octane at S$2.48, lowering its price by four cents.

Sinopec's equivalent to Shell's V-Power is now S$2.51, down from S$2.55 previously.

The two are pricing diesel at S$1.67 a litre, matching the price at Esso and Shell.

SPC still offers the lowest prices, having resisted a round of increases by the others two weeks ago. While its 92 and 95-octane petrols are the same price as the others, its diesel is three cents lower at S$1.64, while its 98-octane petrol is S$2.33 - three Singapore cents lower than the next lowest prices.

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The latest prices came on the back of relatively unchanged wholesale prices. For instance, RBOB Gasoline, a publicly traded commodity and a proxy for wholesale petrol price, had dipped slightly last week, but is still noticeably higher than it was two weeks ago.

Industry watchers reckon SPC's resistance to the previous round of price increases had contributed to latest downward adjustments.

Oil industry consultant Ong Eng Tong said: "SPC not increasing prices must have affected their business."

It would not be the first time SPC's lone resistance persuaded other pump operators to backtrack on their increase. Early this year, the Chinese-owned company also resisted a round of price increases which saw all the other players raising petrol and diesel prices by three Singapore cents a litre from Jan 6.

Within a week, the other players had reverted to their previous rates.

For details on prices, including the various discounts, refer to the interactive site at https://fuelkaki.sg/home.

THE STRAITS TIMES