Fuel prices have continued to increase, surpassing the S$4 mark for the first time following the ban on Russian oil, which only worsened already-turbulent energy markets.
Pump price tracker Fuel Kaki showed a litre of diesel in Singapore now costing between S$3 (Sinopec) and S$3.08 (Shell and Caltex), an increase from S$3 to S$3.05 two weeks ago.
Meanwhile, a litre of 92-octane petrol is around S$3.26 at Esso and SPC and S$3.28 at Caltex, compared to the S$3.13 to S$3.20 range two weeks ago.
Check out the latest fuel prices posted by Shell below, with Shell V-power (98-octane petrol) reaching S$4.04 per litre.
According to The Guardian, there are various factors at play in forcing petrol prices to reach record highs.
“There’s been an increase in trucking activities, stretching demand; concerns over exports to Europe from Russia, shutdowns in the US and lower refinery runs in China,” said Shore Capital analyst Craig Howie.
“From an oil perspective, China has been a concern. Tough restrictions on movement have hit demand, but lockdowns have also reduced some refining capacity too.”
Reports noted that the reopening of economies following Covid-19 lockdowns and restrictions have also added to the demand for fuel while producers are struggling to increase supply levels.
Petrol prices in Singapore and what netizens are saying
Members from the online community expressed concerns about the price hike, wondering if price manipulation was happening.
“Where’s the committee checks on these hiking prices?” asked Facebook user Ray Miller.
“Does the government care?” asked Facebook user Toh Hai Hoe Damien.
Meanwhile, one Mickey Ng highlighted that rising petrol prices only affect the rich who own cars. “You must know that in Singapore, only rich people can afford car. Singapore transport is so convenient; if you own a car, then don’t complain about the oil prices.”
Facebook user Ewan De La Pena explained that the petrol price increases affect all consumers, even indirectly. “You forget deliveries using diesel. Whatever things you buy, price also will hike. Public transport soon fare will raise, electricity for sure will increase,” he added./TISG