Petrol prices fall to lowest in 12 months, weeks after GST hike, Singapore News

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SINGAPORE — Gasoline and diesel pump prices have fallen to levels before the latest Goods and Services Tax (GST) hike on January 1, despite rising global oil prices.

Benchmark Brent crude last traded at US$86.56 (S$ 113.80) a barrel, the highest since mid-November 2022. Oil prices are expected to trend upwards in 2023. 19 limits.

Ironically, China is seen exporting more sophisticated products, which could push down wholesale diesel and gasoline prices in Singapore.

The Chinese government has increased export quotas for the first batch of refined oil products in 2023 by 46%, according to market research firm S&P Global.

According to Fuel Kaki, a pump price tracker set up by the Singapore Consumers Association, Caltex, Shell and SPC cut prices by 3 to 5 cents per liter just before the Lunar New Year weekend, lowering published pump prices. I pulled it down.

This adjustment brings the prices of these brands more in line with the undiscounted rates offered by two other pump operators here, Esso and Sinopec.

Diesel is currently $2.63 per liter at Sinopec and $2.64 elsewhere. For gasoline, the 92-octane grade is currently $2.65 per liter on Caltex, Esso, and SPC. We are the only brand offering this grade. The popular 95 octane grade is $2.69 for SPC and $2.70 for others.

98 octane fuel costs $3.22 per liter at Shell and $3.17 elsewhere. The so-called premium 98-octane grade is $3.39 from Caltex, $3.44 from Shell and $3.30 from Sinopec.

After the discount, the price difference is even greater. Prices for 92 octane gasoline start at $2.17 per liter with Caltex (using the OCBC 365 card) and Esso (using the DBS Esso card) to $2.28 per liter with Esso (using the Citibank Cash Back card and other OCBC cards) range.

Prices for 95-octane grades range from $2.12 at Sinopec (with OCBC card) to $2.32 per liter at Esso and Shell (various cards).

For 98 octane fuel, discount rates range from $2.49 at Sinopec (OCBC card) to $2.77 at Shell (various cards).

Pump operators raised their prices shortly after the GST rate was increased by 1% to 8% on January 1st. The latest revision has pushed pump prices back to their lowest since January 2022.

Also Read: Is the COE price going to fall?More Category A and B COEs to be added next quarter

this article first published in The Straits TimesPermission is required for reproduction.

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