Petrol pump prices have gone up to what they were before the circuit breaker, hitting their highest in almost a year.
Pump prices return to pre-circuit breaker levels

Petrol pump prices have gone up to what they were before the circuit breaker, hitting their highest in almost a year.

A litre of the most popular 95-octane petrol is now retailing at $2.19 at all stations except SPC, which charges $2.15, according to fuel price tracker Fuel Kaki, an initiative of the Consumers Association of Singapore.

The 92-octane grade is retailing at $2.15, except for SPC's $2.11, while the 98-octane grade is between $2.53 at SPC and $2.61 at Shell.

Oil and refined products have since rebounded strongly too. According to Bloomberg, Brent crude last traded on 5 February 2021 at U.S$59.34 a barrel, up from U.S$19.33 in April last year. RBOB gasoline, a publicly-traded commodity and a proxy for wholesale petrol price, was U.S$1.65 per gallon on 5 February 2021, up from as low as U.S$0.41 in March last year.

While the pump price increases usually get many motorists in a twist, car owner Leslie Chang said it does not affect him as he no longer needs to fill up.

The 57-year old watch dealer said he charges his two Hyundai electric cars in his office, and his average monthly power bill is $230. "The amount includes office utilities such as aircon and lights," Mr. Chang said, noting that he would have spent that same amount on each petrol-powered car previously.

The so-called premium 98-octane grade is retailing at between $2.75 at Caltex and $2.83 at Shell. The price of diesel is now $1.84, except at SPC where it retails at $1.81.

The prices, all before discount, are at levels just before Singapore started its circuit breaker from April to June last year 2020 to control the spread of the COVID-19 pandemic, which resulted in a crash in global oil prices.

During the three-month circuit breaker, pump prices fell to their lowest in several years, with the 92 and 95-octane grades slipping below $2 a litre. But pump prices started creeping up as soon as the Singapore economy reopened in July.