Shell Singapore lowers petrol prices as oil costs peter back to pre-war levels

SINGAPORE: Shell Singapore has reduced its petrol prices, cutting the cost of all grades of gasoline by four cents per litre as global oil prices ease following developments in the Middle East.

According to the Consumers Association of Singapore’s Save Money app, the fuel retailer lowered the pump price of its popular 95-octane petrol from S$3.46 to S$3.42 per litre on Friday (June 19).

The price of 98-octane petrol fell from S$3.98 to S$3.94 per litre, while Shell’s extra-grade petrol was reduced from S$4.20 to S$4.16 per litre. Among major fuel retailers, Cnergy continues to offer the lowest-priced 95-octane petrol.

Despite the reduction in petrol prices, Shell left its diesel rates unchanged. Diesel remains priced at S$4.22 per litre, the same as Caltex and Esso. Cnergy currently offers the lowest diesel price in the market at S$3.40 per litre.

The move comes as international oil prices retreated after briefly returning to levels seen before the outbreak of conflict in the region. The decline followed the signing of a memorandum of understanding between the United States and Iran, which led to the reopening of the Strait of Hormuz, a key global shipping route for oil exports.

However, uncertainty continues to cloud the outlook for energy markets. The uncertainty in talks between the US and Iran, coupled with Israel’s ongoing military operations in Lebanon, has raised fresh concerns about stability in the Middle East.

With geopolitical tensions still unresolved, oil prices remain vulnerable to further fluctuations, leaving fuel retailers and motorists watching closely for the next developments that could influence pump prices in Singapore.