FUEL pump prices have risen across the board after Caltex initiated an increase three weeks ago, with Shell swiftly following suit.

According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, posted rates have been climbing in recent weeks, with two adjustments made by Shell and Caltex on Thursday, and one by SPC on Friday (Jul 28).

With the changes, 92-octane petrol is now between S$2.76 (SPC and Esso) and S$2.80 (Caltex) a litre. The popular 95-octane grade ranges from S$2.80 (SPC) to S$2.85 (Caltex, Shell) a litre – up to six cents a litre more than three weeks ago.

Regular 98-octane fuel is now S$3.28 at SPC, Esso and Sinopec, and S$3.34 at Shell.

The so-called premium 98-octane option ranges from S$3.41 (Sinopec) to S$3.56 (Shell) – up to 31 cents a litre more than three weeks ago.

Diesel is now between S$2.41 (Sinopec) and S$2.46 (Caltex, Shell) a litre, up to nine cents more than three weeks ago.

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The latest increases come on the back of higher crude oil prices. The benchmark Brent crude has been on the uptrend for the past one month, with September delivery going from around USS$72 a barrel in late June to more than USS$86 a barrel on Thursday – its highest since April.

According to Reuters, the spike has to do with tighter supply following production cuts by major producers, as well as renewed bullishness on the outlook for Chinese demand and global growth.

After discounts, the highest average price for 92-octane is at SPC (S$2.35) and the lowest at Esso (S$2.33).

The 95-octane average ranges from S$2.20 (Sinopec) to S$2.43 (Shell).

The costliest fuel after discount is Shell’s premium 98-octane, at an average of S$3.02 a litre. THE STRAITS TIMES