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

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SINGAPORE — Petrol and diesel pump prices have slipped once more all the best way down to ranges seen sooner than the newest objects and suppliers tax (GST) enhance on Jan 1 no matter rising worldwide oil prices.

The benchmark Brent crude last traded at US$86.56 (S$113.80) a barrel, its highest since mid-November 2022. Oil prices are anticipated to be on an uptrend in 2023 due to elevated demand from China, which has all nevertheless lifted its Covid-19 restrictions.

Ironically, China will be seen to be exporting additional refined merchandise, which could depress the wholesale prices of diesel and petrol in Singapore.

According to market evaluation company S&P Global, the Chinese authorities has raised the export quota for its first batch of refined oil merchandise for 2023 by 46 per cent.

According to Fuel Kaki — a pump worth tracker organize by the Consumers Association of Singapore — Caltex, Shell and SPC lowered posted pump costs merely sooner than the Chinese New Year weekend, with cuts of between three cents and 5 cents a litre.

The modifications have launched the prices of these producers additional per pre-discount costs posted by the two completely different pump operators proper right here — Esso and Sinopec.

Diesel is now $2.63 a litre at Sinopec and $2.64 elsewhere. For petrols, the 92-octane grade is now $2.65 a litre at Caltex, Esso and SPC — the one producers offering the grade. The in type 95-octane grade is $2.69 at SPC and $2.70 elsewhere.

The 98-octane fuel is $3.22 a litre at Shell and $3.17 elsewhere; and the so-called premium 98-octane grade is $3.39 at Caltex, $3.44 at Shell and $3.30 at Sinopec.

Price variations are bigger after reductions. For 92-octane petrol, prices range from $2.17 a litre at Caltex (with OCBC 365 card) and Esso (DBS Esso card), to $2.28 at Esso (with Citibank Cash Back card and completely different OCBC enjoying playing cards).

For the 95-octane grade, prices range from $2.12 at Sinopec (with OCBC enjoying playing cards) to $2.32 a litre at Esso and Shell (quite a few enjoying playing cards).

For 98-octane fuel, discounted costs range from $2.49 at Sinopec (OCBC enjoying playing cards) to $2.77 at Shell (quite a few enjoying playing cards).

Pump operators raised prices almost immediately after the GST value was elevated by one share stage to eight per cent on Jan 1. With the newest revision, pump prices are literally once more to their lowest since January 2022.

(*12*)ALSO READ: Are COE prices set to fall? More Cat A and B COEs throughout the coming quarter

This article was first revealed in The Straits Times. Permission required for copy.


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