Diesel prices drop slightly after Singapore fuel companies lower petrol costs

SINGAPORE: More fuel retailers in Singapore have begun lowering diesel prices as global oil prices retreat, amid easing concerns over international supply disruptions.

The Consumers Association’s ‘Price Kaki’ app shows that Caltex, Shell, Esso, and Sinopec stations have all reduced diesel prices by $0.10, with the latest prices ranging from $4.06 to $4.12 per litre.

Other petrol companies have kept their diesel prices unchanged. The lowest price currently available is from Smart Energy at $2.58 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 began hovering around US$80 per barrel as peace talks began.

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.