Singapore pump prices drop to pre-GST hike levels

A gas station attendant refuels a car at a service station in Singapore. (PHOTO: Roslan Rahman/AFP via Getty Images)

SINGAPORE – Despite rising oil prices around the world, gasoline and diesel prices at the pump in Singapore have fallen back to levels seen before the January 1 Goods and Services Tax (GST) hike.

According to Fuel Kaki, a website set up by the Consumers Association of Singapore to compare fuel prices, pump operators Caltex, Shell and SPC lowered their prices ahead of the Chinese New Year weekend. The reductions were between 3 and 5 cents per litre.

For gasoline, the popular 95 octane now costs $2.69 per liter at SPC and $2.70 elsewhere. For 92 octane grade available only from Caltex, Esso and SPC, the price is now $2.65.

For 98 octane fuel, it is $3.22 per liter at Shell and $3.17 elsewhere. There is also premium fuel which costs $3.39 from Caltex, $3.44 from Shell and $3.30 from Sinopec.

Diesel costs $2.63 per liter at Sinopec and $2.64 elsewhere.

INFOGRAPHIC: Fuel Khaki

INFOGRAPHIC: Fuel Khaki

Pump prices at their lowest since January 2022

Pump operators had raised prices after the GST rate hiked 1 percentage point to 8% on January 1. The latest revisions mean pump prices are back to their lowest levels since January 2022.

According to The Straits Times, oil prices are on an uptrend this year, driven by increased demand from China after the country lifted most of its COVID-19 restrictions. Benchmark Brent crude last traded at US$86.56 a barrel, its highest level since mid-November.

However, China is exporting more refined petroleum products, which may lower wholesale diesel and gasoline prices in Singapore.

According to The Straits Times, price differences at the pump are greater after discounts and promotions. For example, 95 octane fuel prices will range from $2.12 per liter at Sinopec to $2.32 at Esso and Shell with different card discounts.

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