Pump prices for petrol begin to creep upward

Barely a week after pump prices were lowered, several oil companies, led by American giant ExxonMobil, have raised pump rates by around three cents a litre.

The popular 95-octane grade petrol at Esso, Shell and Caltex stations is now $2.02 a litre, while 92-octane is $1.98 at Caltex and Esso (Shell does not offer 92), and 98-octane is $2.39 at Esso, $2.41 at Shell and $2.50 at Caltex.

Diesel is now $1.70 a litre at Esso and Caltex, but $1.72 at Shell. All prices are before discounts.

The two Chinese-owned operators here - SPC and Sinopec - have not yet increased their prices. Both are still retailing 95-octane at $1.99 a litre, while 98-octane is $2.36 at Sinopec and $2.33 at SPC.

SPC's 92-octane is the cheapest petrol now, at $1.95. Sinopec, said to get its supply from Shell, does not offer 92-octane petrol.

SPC and Sinopec are retailing diesel at $1.64 and $1.67 respectively.

The two so-called "ultra-grade" petrols - Shell's V-Power and Sinopec's Sino X Power - are $2.65 and $2.50 respectively.

The latest adjustment comes on the back of oil prices recovering as countries around the world lift lockdown measures. Brent crude has gone from a low of around U.S$19.30 ($27.39) a barrel in late-April to U.S$35.30 on Monday. Meanwhile, RBOB Gasoline, a publicly traded commodity and a proxy for wholesale petrol price, had doubled to around U.S$1 per gallon in the same period. Despite the latest rise, fuel prices are still at their lowest this year.

This article was updated on 19 March 2020 at 5:20pm.