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.

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.

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.

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