Singapore – For the fourth time in three weeks, pump prices have increased, with 95-octane fuel costing S$3 a litre by 2022.
On Wednesday (Oct 27), Caltex started the latest increase, followed by Sinopec on Thursday.
Caltex’s fuel prices are now equal to Shell, according to pump price tracker Fuel Kaki which was established by the Consumers Association of Singapore.
The increase now leaves a litre of 92-octane at S$2.65 before discount at Caltex, a 95-octane at S$2.69, diesel at S$2.23 and a special 98-grade at S$3.32.
Caltex’s 95-octane and diesel are at par with Shell’s prices and 11 cents higher compared to SPCs.
Meanwhile, Sinopec’s 95 and 98-octane now costs S$2.63 and S$3.10 per litre, respectively.
Earlier this week, Esso increased its prices, with its 95-octane now costing around S$2.16 and S$2.26 per litre.
Among the brands, Caltex and Shell are the two most expensive, even after credit card discounts.
Since the middle of 2020, pump prices have steadily increased; the highest was in February this year with a litre of 95-octane costing S$2.19 at all stations except SPC, which was four cents cheaper.
Since February, the most popular fuel types have risen by 50 cents a litre, or about six cents per month, reported Straits Times.
Should the trend continue, a litre of 95-octane could cost S$3 before discounts by the middle of next year. “Special” grade fuel could also hit S$4 a litre by next year.
“Raising pump prices four times in a short span of three weeks is just hard to accept by the public,” noted Facebook page ROADS.sg on Friday (Oct 29) in response to the news.
“Wonder why this is allowed by the authorities? If you remember, back in 2020 March where a few companies were caught selling masks at exorbitant prices. They were all called out, and then the Government’s Price Controller department wrote to these few companies for an explanation.”
The Ministry of Trade and Industry said in a statement then that a letter of demand was issued to the retailer, noting it must provide information such as its cost price and profit margins or face a fine, said ROADS.sg.
“Wonder if petrol companies are also subject to this act of Price Control,” it added.
Members from the online community shared the same sentiments, noting higher pump prices often mean higher taxes.
“When petrol prices were low, government increased tax. Now should decrease the tax?” asked Facebook user Robin Lim.
“When crude oil price is low, the petrol price didn’t change much, claimed that they stocked up when the price was high and other excuses. When crude oil price up, petrol price up and up. No stock up of crude oil during low price?” asked Facebook user Desmond Tan./TISG
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