With crude oil prices easing, retailers have reverted to the rates prior to the assassination of Iranian military leader Qassem Soleimani.
Petrol stations revert to former rates as crude oil prices ease With crude oil prices easing, retailers have reverted to the rates prior to the assassination of Iranian military leader Qassem Soleimani PHOTO: ST FILE

With crude oil prices easing since the assassination of Iranian military leader Qassem Soleimani, petrol retailers in Singapore have reverted to their fomer rates - starting with Caltex on 10 January 2020, and ending with Shell on 13 January 2020.

A litre of 92-octane petrol is now $2.31 at Caltex, Esso and SPC. Shell and Sinopec do not offer 92-octane fuel.

The popular 95-octane grade is now $2.35 a litre at all retailers except Sinopec, which retails it at $2.38 a litre, according to the Consumers Association of Singapore's Fuel Kaki website.

For the 98-octane grade, it is $2.72 at Esso and SPC, $2.74 at Shell, $2.75 at Sinopec and $2.77 at Caltex. Shell and Sinopec retail a supposedly premium grade of 98-octane at $2.91 and $2.84, respectively.

Diesel is $1.95 at Esso and SPC, $1.96 at Shell and Caltex, and $1.98 at Sinopec. All prices are before discounts. Brent crude closed at U.S$64.98 last Friday, down from U.S$68.91 last Monday.

The previous increase was sparked by rising crude oil prices, which in turn were driven up by nervousness over the assassination of Iranian military leader Qassem Soleimani by U.S forces two weeks ago. The fear of war resulting from the killing, which could disrupt oil supply, pushed prices up.

But now, observers reckon the looming global economic slowdown has emerged as having a bigger impact, and is driving energy demand down.