Whether you own a car or take public transport, you have probably felt the pinch from the spike in petrol prices. Be it through a rise in taxi flag down fares or through a rise in your monthly petrol bills, the rise in Singapore petrol prices has had an impact on everyone.
Supply-chain disruptions, trade restrictions as well as sanctions arising from the Russia-Ukraine war have had a massive impact on the rise in prices. With Russia being the second-largest oil exporter coupled with the fact that Singapore imports a significant amount of its energy needs, we have not been spared from the skyrocketing petrol prices.
But how exactly would the increase in petrol prices impact everyday drivers in Singapore like you? And how substantial would it be for car drivers?
Here’s what you need to know about the latest price increases in Singapore, and how you can lessen the impact.
Latest Petrol Prices in Singapore 2022
To ensure that you are saving as much as possible amidst the rising price of petrol in Singapore, we have referenced Fuel Kaki – a retail fuel price comparison website helmed by the Consumers Association of Singapore (CASE) – and compiled the cost of fuel per litre in March 2022 in a table below.
| Diesel | 92-Octane | 95-Octane | 98-Octane | Premium | |
|---|---|---|---|---|---|
| Caltex (on 22/03/2022) |
S$2.82 | S$3.01 | S$3.05 | NA | S$3.71 (Premium 98) |
| Esso (on 22/03/2022) |
S$2.82 | S$3.01 (Regular) |
S$3.05 (Extra) |
S$3.52 (Synergy Supreme+) |
NA |
| Shell (on 22/03/2022) |
S$2.85 | NA | S$3.05 | S$3.54 | S$3.76 (Shell V-Power) |
| Sinopec (on 17/03/2022) |
S$2.68 | NA | S$2.99 | S$3.46 | S$3.59 (SINO X Power) |
| SPC (on 17/03/2022) |
S$2.68 | S$2.94 | S$2.98 | S$3.46 | NA |
How Much More Will You Be Paying?
To give a better idea of the extent of increase of each type of petrol offered, you can refer to the table below that shows the cost of fuel per litre comparison between February 2022 and March 2022 for each petrol station in Singapore, assuming that consumption of petrol per month is 95 litres.
Caltex
| Price/L (on 25/02/2022) |
Price/L (on 22/03/2022) |
Increase | Petrol Spend for February | Petrol Spend for March | |
|---|---|---|---|---|---|
| Diesel | S$2.58 | S$2.82 | S$0.24 | S$245.10 | S$267.90 |
| 92-Octane | S$2.72 | S$3.01 | S$0.29 | S$258.40 | S$285.95 |
| 95-Octane | S$2.85 | S$3.05 | S$0.20 | S$270.75 | S$289.75 |
| Premium | S$3.51 | S$3.71 | S$0.20 | S$333.45 | S$352.45 |
Esso
| Price/L (on 25/02/2022) |
Price/L (on 22/03/2022) |
Increase | Monthly Bill for February | Monthly Bill for March | |
|---|---|---|---|---|---|
| Diesel | S$2.39 | S$2.82 | S$0.43 | S$227.05 | S$267.90 |
| 92-Octane | S$2.80 | S$3.01 | S$0.21 | S$266.00 | S$289.95 |
| 95-Octane | S$2.84 | S$3.05 | S$0.21 | S$269.80 | S$289.75 |
| 98-Octane | S$3.31 | S$3.52 | S$0.21 | S$314.45 | S$334.40 |
Shell
| Price/L (on 25/02/2022) |
Price/L (on 22/03/2022) |
Increase | Monthly Bill for February | Monthly Bill for March | |
|---|---|---|---|---|---|
| Diesel | S$2.42 | S$2.85 | S$0.43 | S$229.90 | S$270.75 |
| 95-Octane | S$2.85 | S$3.05 | S$0.20 | S$270.75 | S$289.75 |
| 98-Octane | S$3.34 | S$3.54 | S$0.20 | S$317.30 | S$336.30 |
| Premium | S$3.34 | S$3.76 | S$0.42 | S$317.30 | S$357.20 |
Sinopec
| Price/L (on 24/02/2022) |
Price/L (on 17/03/2022) |
Increase | Monthly Bill for February | Monthly Bill for March | |
|---|---|---|---|---|---|
| Diesel | S$2.31 | S$2.68 | S$0.37 | S$219.45 | S$254.60 |
| 95-Octane | S$2.80 | S$2.99 | S$0.19 | S$266.00 | S$284.05 |
| 98-Octane | S$3.27 | S$3.46 | S$0.19 | S$310.65 | S$328.70 |
| Premium | S$3.40 | S$3.59 | S$0.19 | S$323.00 | S$341.05 |
SPC
| Price/L (on 24/02/2022) |
Price/L (on 17/03/2022) |
Increase | Monthly Bill for February | Monthly Bill for March | |
|---|---|---|---|---|---|
| Diesel | S$2.31 | S$2.68 | S$0.24 | S$254.60 | S$254.60 |
| 92-Octane | S$2.72 | S$2.94 | S$0.22 | S$258.40 | S$279.30 |
| 95-Octane | S$2.75 | S$2.98 | S$0.23 | S$261.25 | S$283.10 |
| 98-Octane | S$3.51 | S$3.46 | – S$0.05 | S$333.45 | S$3328.70 |
On average, Diesel sees the biggest price increase at all petrol stations (except for Caltex), while 98-Octane saw the lowest average increase. For drivers who uses 98-Octane petrol for your vehicles, you might want to consider SPC for the near future, given that it’s the only petrol station that saw a drop in price per litre for 98-Octane.
How You Can Reduce Car Petrol Bill
Fortunately, there are methods to reduce your petrol bill. From finding the credit card that offers the best rebates at your favourite petrol retailer to finding the cheapest rates, we have covered it all.
Use a Credit Card With Petrol Discounts and Rebates
The simplest way is to through petrol credit cards that offer petrol rewards. If you use the right card, you can get over 20% discount at your favourite local petrol station.
This can come in the form of discounts as well as rebates. In a bid to make it easier for you to save, we have included the best credit cards in Singapore that offer competitive reward rates for petrol at the respective petrol retailer.
To help you save, we have listed the discounts that you can get at each petrol retailer using the respective cards.
Caltex Credit Card Discount
| Credit Card | Maximum Discount |
|---|---|
| OCBC 365 Credit Card | 22.1% |
| Standard Chartered Unlimited Cashback Card | 21.3% |
| HSBC Visa Platinum | 21.15% |
| Standard Chartered Visa Infinite | 21.3% |
| Maybank World Mastercard | 19.1% |
| OCBC Voyage | 19.0% |
| NTUC/OCBC Plus! Visa Card | 18.1% |
| Other OCBC Credit and Debit Cards | Platinum 98: 16% Others: 14% |
| Other Standard Chartered Credit and Debit Cards | Platinum 98: 16% Others: 14% |
Best Credit Card for Caltex Petrol Discounts: OCBC 365 Card
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OCBC 365 Card is the absolute best everyday card on the market because of its great rates for essentials, lack of merchant restrictions, and easy fee-waiver–features not offered by competitors. Cardholders enjoy 6% rebate on dining & online food delivery and 3% on groceries, land transport, travel bills & recurring bills. Its top competitor offers just 1% rebate for bill pay, capped at S$1/month. OCBC 365 Card also offers excellent petrol savings. Cardholders earn up to 24% fuel savings with Sinopec, 23% with Caltex, 20.4% with Esso, and 5% at all other stations in Singapore. Not only are these rates quite high, they also offer cardholders great flexibility. As a result, OCBC 365 Card is one of the best cards for petrol savings on the market. In order to access these rates, consumers must spend S$800/month. While this may seem high, it’s on par with–or less than–several alternatives. In addition, spending about S$833/month (S$10,000/year) earns a fee-waiver. If you’re spending for your family or household, or simply have a higher spend volume, OCBC 365 Card is the best option to maximise rewards from your daily essentials. |
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OCBC 365 Card is the absolute best everyday card on the market because of its great rates for essentials, lack of merchant restrictions, and easy fee-waiver–features not offered by competitors. Cardholders enjoy 6% rebate on dining & online food delivery and 3% on groceries, land transport, travel bills & recurring bills. Its top competitor offers just 1% rebate for bill pay, capped at S$1/month. OCBC 365 Card also offers excellent petrol savings. Cardholders earn up to 24% fuel savings with Sinopec, 23% with Caltex, 20.4% with Esso, and 5% at all other stations in Singapore. Not only are these rates quite high, they also offer cardholders great flexibility. As a result, OCBC 365 Card is one of the best cards for petrol savings on the market. In order to access these rates, consumers must spend S$800/month. While this may seem high, it’s on par with–or less than–several alternatives. In addition, spending about S$833/month (S$10,000/year) earns a fee-waiver. If you’re spending for your family or household, or simply have a higher spend volume, OCBC 365 Card is the best option to maximise rewards from your daily essentials. |
Discount at Caltex
With the 22.10% cashback offered by the OCBC 365 Card at Caltex, find out the exact amount you will be able to save!
| Price/L (before discount) |
Price/L (after discount) |
Savings | |
|---|---|---|---|
| Diesel | S$2.82 | S$2.20 | S$0.62 |
| 92-Octane | S$3.01 | S$2.34 | S$0.67 |
| 95-Octane | S$3.05 | S$2.38 | S$0.67 |
| Premium | S$3.71 | S$2.89 | S$0.82 |
Esso Credit Card Discount
| Credit Card | Maximum Discount |
|---|---|
| DBS Esso Card | 21.2% |
| Citi Cash Back Card | 20.88% |
| NTUC/OCBC Plus! Visa Card | 20.3% |
| OCBC 365 Credit Card | 20.2% |
| Maybank World Mastercard | 19.1% |
| Other Citi Credit Cards | 14.0% |
| Other DBS/POSB Credit and Debit Cards | 14.0% |
| Other OCBC Credit and Debit Cards | 14.0% |
Best Credit Card for Esso Petrol Discounts: Citi Cash Back Credit Card
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Citi Cash Back Card offers some of the best petrol savings if you’re interested in a card that rewards food & petrol. In terms of cashback, cardholders earn 8% on dining, groceries, and petrol at any station after S$800 minimum spend, up to S$80/month. This is a quite high earning potential compared to market standards. Cardholders also earn up to 20.88% fuel savings with Esso & Shell and 8% at other stations worldwide, assuming the S$800 minimum is met. This is one of the highest global rates on the market, allowing you to enjoy great discounts no matter where you are. It’s worth noting that the 8% cashback on petrol is capped at S$25 earnings/month, reached after S$312.5 petrol spend–however, the average person spends closer to S$240/month, and would be unaffected. Ultimately, Citi Cash Back Card is a great option for food and transport spend, including petrol savings. |
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Citi Cash Back Card offers some of the best petrol savings if you’re interested in a card that rewards food & petrol. In terms of cashback, cardholders earn 8% on dining, groceries, and petrol at any station after S$800 minimum spend, up to S$80/month. This is a quite high earning potential compared to market standards. Cardholders also earn up to 20.88% fuel savings with Esso & Shell and 8% at other stations worldwide, assuming the S$800 minimum is met. This is one of the highest global rates on the market, allowing you to enjoy great discounts no matter where you are. It’s worth noting that the 8% cashback on petrol is capped at S$25 earnings/month, reached after S$312.5 petrol spend–however, the average person spends closer to S$240/month, and would be unaffected. Ultimately, Citi Cash Back Card is a great option for food and transport spend, including petrol savings. |
Discount at Esso
Offering up to 20.88% discount at Esso, find out how much you can save per litre when you pay with the Citi Cash Back Credit Card at Esso.
| Price/L (before discount) |
Price/L (after discount) |
Savings | |
|---|---|---|---|
| Diesel | S$2.82 | S$2.23 | S$0.59 |
| 92-Octane | S$3.01 | S$2.38 | S$0.63 |
| 95-Octane | S$3.05 | S$2.41 | S$0.64 |
| 98-Octane | S$3.52 | S$2.79 | S$0.73 |
Shell Credit Card Discount
| Credit Card | Maximum Discount |
|---|---|
| UOB One Credit Card | 21.15% |
| Citi Cash Back Card | 20.88% |
| Maybank World Mastercard | 20.88% |
| HSBC Visa Platinum | 18.30% |
| HSBC Premier MasterCard Credit Card | Shell V-Power and Shell FuelSave 98: 21.15% Shell FuelSave 95 and Diesel: 18.30% |
| UOB Reserve Card | 17.00% |
| Other Citi Credit Cards | 14.00% |
| Other HSBC Credit and Debit Cards | 14.00% |
| Other UOB Credit and Debit Cards | 14.00% |
Best Credit Card for Shell Petrol Discounts: UOB One Credit Card
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If you’re looking for straightforward cashback on all of your spend, UOB One Card is the best option on the market. Cardholders who consistently spend S$2,000/month earn a 5% general rebate, up to S$300/quarter. This rate is further boosted to 6% on utilities bills and 10% on Grab and select UOB Travel spend. Those spending S$500 or S$1,000/month earn 3.33% rebates, up to S$50 or S$100/quarter, respectively. This is slightly less competitive. Nonetheless, UOB One Card also stands out for ‘double’ deals through the UOB SMART$ Programme. Spend with select merchants counts both towards reaching monthly minimums and earning SMART$ (1 SMART$ equals S$1), which offset future purchases. Eligible merchants from all kinds of categories are included, ranging from Cathay Cineplexes and Guardian to United Overseas Insurance Ltd, Cold Storage and more. Ultimately, UOB One Card is the best option for flat rebates on all spend if you have a stable budget of at least S$2,000/month. |
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If you’re looking for straightforward cashback on all of your spend, UOB One Card is the best option on the market. Cardholders who consistently spend S$2,000/month earn a 5% general rebate, up to S$300/quarter. This rate is further boosted to 6% on utilities bills and 10% on Grab and select UOB Travel spend. Those spending S$500 or S$1,000/month earn 3.33% rebates, up to S$50 or S$100/quarter, respectively. This is slightly less competitive. Nonetheless, UOB One Card also stands out for ‘double’ deals through the UOB SMART$ Programme. Spend with select merchants counts both towards reaching monthly minimums and earning SMART$ (1 SMART$ equals S$1), which offset future purchases. Eligible merchants from all kinds of categories are included, ranging from Cathay Cineplexes and Guardian to United Overseas Insurance Ltd, Cold Storage and more. Ultimately, UOB One Card is the best option for flat rebates on all spend if you have a stable budget of at least S$2,000/month. |
Discount at Shell
Offering the highest discount at Shell, find out how much you can save when you use the UOB One Credit Card at Shell.
| Price/L (before discount) |
Price/L (after discount) |
Savings | |
|---|---|---|---|
| Diesel | S$2.85 | S$2.25 | S$0.60 |
| 95-Octane | S$3.05 | S$2.40 | S$0.65 |
| 98-Octane | S$3.54 | S$2.79 | S$0.75 |
| Premium | S$3.76 | S$2.96 | S$0.80 |
Sinopec Credit Card Discount
| Credit Card | Maximum Discount |
|---|---|
| OCBC 365 Credit Card | 26.8% |
| OCBC Frank Card | 23.0% |
Best Credit Card for Sinopec Petrol Discounts: OCBC 365 Card
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OCBC 365 Card is the absolute best everyday card on the market because of its great rates for essentials, lack of merchant restrictions, and easy fee-waiver–features not offered by competitors. Cardholders enjoy 6% rebate on dining & online food delivery and 3% on groceries, land transport, travel bills & recurring bills. Its top competitor offers just 1% rebate for bill pay, capped at S$1/month. OCBC 365 Card also offers excellent petrol savings. Cardholders earn up to 24% fuel savings with Sinopec, 23% with Caltex, 20.4% with Esso, and 5% at all other stations in Singapore. Not only are these rates quite high, they also offer cardholders great flexibility. As a result, OCBC 365 Card is one of the best cards for petrol savings on the market. In order to access these rates, consumers must spend S$800/month. While this may seem high, it’s on par with–or less than–several alternatives. In addition, spending about S$833/month (S$10,000/year) earns a fee-waiver. If you’re spending for your family or household, or simply have a higher spend volume, OCBC 365 Card is the best option to maximise rewards from your daily essentials. |
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OCBC 365 Card is the absolute best everyday card on the market because of its great rates for essentials, lack of merchant restrictions, and easy fee-waiver–features not offered by competitors. Cardholders enjoy 6% rebate on dining & online food delivery and 3% on groceries, land transport, travel bills & recurring bills. Its top competitor offers just 1% rebate for bill pay, capped at S$1/month. OCBC 365 Card also offers excellent petrol savings. Cardholders earn up to 24% fuel savings with Sinopec, 23% with Caltex, 20.4% with Esso, and 5% at all other stations in Singapore. Not only are these rates quite high, they also offer cardholders great flexibility. As a result, OCBC 365 Card is one of the best cards for petrol savings on the market. In order to access these rates, consumers must spend S$800/month. While this may seem high, it’s on par with–or less than–several alternatives. In addition, spending about S$833/month (S$10,000/year) earns a fee-waiver. If you’re spending for your family or household, or simply have a higher spend volume, OCBC 365 Card is the best option to maximise rewards from your daily essentials. |
Discount at Sinopec
Offering the highest cashback for petrol across all credit cards, stand to enjoy up to 26.8% cashback at Sinopec with the OCBC 365 Card.
| Price/L (before discount) |
Price/L (after discount) |
Savings | |
|---|---|---|---|
| Diesel | S$2.68 | S$1.96 | S$0.72 |
| 95-Octane | S$2.99 | S$2.19 | S$0.80 |
| 98-Octane | S$3.46 | S$2.53 | S$0.93 |
| Premium | S$3.59 | S$2.63 | S$0.96 |
SPC Credit Card Discount
| Credit Card | Maximum Discount |
|---|---|
| UOB One Credit Card | 24.0% |
| American Express Cards | 21.0% |
| POSB Everyday Card | 20.1% |
| Other UOB Credit and Debit cards | 20.0% |
| Maybank World Mastercard | 19.1% |
Best Credit Card for SPC Petrol Discounts: UOB One Credit Card
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If you’re looking for straightforward cashback on all of your spend, UOB One Card is the best option on the market. Cardholders who consistently spend S$2,000/month earn a 5% general rebate, up to S$300/quarter. This rate is further boosted to 6% on utilities bills and 10% on Grab and select UOB Travel spend. Those spending S$500 or S$1,000/month earn 3.33% rebates, up to S$50 or S$100/quarter, respectively. This is slightly less competitive. Nonetheless, UOB One Card also stands out for ‘double’ deals through the UOB SMART$ Programme. Spend with select merchants counts both towards reaching monthly minimums and earning SMART$ (1 SMART$ equals S$1), which offset future purchases. Eligible merchants from all kinds of categories are included, ranging from Cathay Cineplexes and Guardian to United Overseas Insurance Ltd, Cold Storage and more. Ultimately, UOB One Card is the best option for flat rebates on all spend if you have a stable budget of at least S$2,000/month. |
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If you’re looking for straightforward cashback on all of your spend, UOB One Card is the best option on the market. Cardholders who consistently spend S$2,000/month earn a 5% general rebate, up to S$300/quarter. This rate is further boosted to 6% on utilities bills and 10% on Grab and select UOB Travel spend. Those spending S$500 or S$1,000/month earn 3.33% rebates, up to S$50 or S$100/quarter, respectively. This is slightly less competitive. Nonetheless, UOB One Card also stands out for ‘double’ deals through the UOB SMART$ Programme. Spend with select merchants counts both towards reaching monthly minimums and earning SMART$ (1 SMART$ equals S$1), which offset future purchases. Eligible merchants from all kinds of categories are included, ranging from Cathay Cineplexes and Guardian to United Overseas Insurance Ltd, Cold Storage and more. Ultimately, UOB One Card is the best option for flat rebates on all spend if you have a stable budget of at least S$2,000/month. |
Discount at SPC
With a maximum discount of 24% when you use the UOB One Credit Card at SPC, find out your exact savings.
| Price/L (before discount) |
Price/L (after discount) |
Savings | |
|---|---|---|---|
| Diesel | S$2.68 | S$2.04 | S$0.64 |
| 92-Octane | S$2.94 | S$2.23 | S$0.71 |
| 95-Octane | S$2.98 | S$2.26 | S$0.72 |
| 98-Octane | S$3.46 | S$2.63 | S$0.83 |
For more information regarding the discount rates that each credit card offers, check out our Petrol Credit Card Calculator.
Read Also: Find Petrol Credit Cards with Best Fuel Savings in 2 Minutes: RealValue Credit Card Rewards Calculator
Compare Prices to Save Even More
As an everyday solution, you turn to websites such as Fuel Kaki to find the best prices of petrol in Singapore. As mentioned above, Fuel Kaki is a retail fuel price comparison website launched by the Consumers Association of Singapore (CASE).
Offering convenient price comparisons on fuel prices for different petrol grades across the various retailers in Singapore as well as the latest promotions, motorists should consider checking them out before your next pump.
Long Term Solution: Make the Switch
Perhaps, with the recent spike in petrol prices in addition to the petrol duty hike imposed by the government, it is signalling that a change is imminent. A longer-term solution to this problem would be to make the switch to electric vehicles.
A switch in investments from fossil fuels to green energy left the fossil fuel industry undeveloped over the recent years. As a result, the supply of fossil fuels has been reduced, contributing to its shortage.
Read Also: Best Electricity Retailers in Singapore 2022
Moving Forward
Petrol prices are on the rise but knowing the right tips and tricks can help you save a ton! From finding a petrol credit card with the best discounts to looking for the retailer with the cheapest prices, there are methods to reduce your petrol bills.
So before you pump your petrol, do make sure to check out our comprehensive analysis on the Best Credit Cards With Petrol Discounts in Singapore 2022.
Read Also:
The article Latest Petrol Prices in Singapore 2022 & How You Can Reduce Car Petrol Cost Even Further originally appeared on ValueChampion.
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