More local petrol chains lower prices as oil supply pressures ease ahead of US-Iran ceasefire

SINGAPORE: More petrol retailers in Singapore have begun lowering fuel prices as global oil prices retreat, following Shell Singapore’s lead amid easing concerns over international supply disruptions.

After Shell reduced its pump prices, Caltex and Sinopec also adjusted their rates, according to data from the Consumers Association of Singapore’s (CASE) Price Kaki app. Despite the recent cuts, Cnergy continues to offer the lowest-priced 95-octane petrol in Singapore at S$2.64 per litre.

Caltex reduced the price of its 95-octane petrol, a grade commonly used by many motorists, from S$3.46 to S$3.42 per litre on Friday night (June 19). Its 92-octane petrol was lowered from S$3.43 to S$3.39 per litre, while premium petrol fell from S$4.16 to S$4.12 per litre.

Sinopec also trimmed its petrol prices, reducing 95-octane fuel from S$3.46 to S$3.42 per litre. The price of its 98-octane petrol dropped from S$3.97 to S$3.93 per litre, while premium petrol was cut from S$4.10 to S$4.06 per litre.

Shell was the first major operator to announce price reductions. Its 95-octane petrol was lowered from S$3.46 to S$3.42 per litre, while 98-octane petrol fell from S$3.98 to S$3.94 per litre. Premium petrol was also reduced from S$4.20 to S$4.16 per litre.

With three fuel retailers having cut prices, Esso now has the highest listed price for 95-octane petrol at S$3.46 per litre. At the other end of the market, Cnergy remains the cheapest option for motorists purchasing the same grade of fuel, at S$2.64 per litre.

The Price Kaki app also showed a reduction in diesel prices at Cnergy, where rates fell from S$2.71 to S$2.64 per litre.

Other fuel retailers have yet to make changes to their diesel prices. Shell, Caltex and Esso continue to list diesel at S$4.22 per litre.

The latest adjustments come as international crude oil prices have declined sharply following reports that the United States and Iran were close to reaching a ceasefire agreement.

After the two countries signed a memorandum of understanding and the Strait of Hormuz reopened, oil prices began retreating from earlier highs. Crude prices, which had previously surged to more than US$120 per barrel, continued to ease and were hovering around US$80 per barrel as of Friday night.

As concerns over global oil supply pressures ease, a number of countries have begun lowering fuel prices. Similar reductions have been reported in China, the United States, Australia and neighbouring Malaysia.