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Most petrol pump prices here have risen by $0.03 a litre following the assassination of Iranian military leader Qassem Soleimani.

07 Jan 2020 | Local News : Singapore


Most petrol pump prices here have risen by $0.03 a litre in the latest fallout from the assassination of Iranian military leader Qassem Soleimani by U.S. forces last week.

Caltex raised its prices on 7 January 2020, while Shell raised its prices on 6 January 2020
A litre of petrol at major fuel retailers here now costs $2.34 for 92-octane grade, $2.38 for 95-octane and $2.77 for 98-octane. Diesel is $1.99 a litre. Caltex's 98 with Techron is $2.80, while Shell's V-Power is $2.94. All prices are before discounts.

Caltex raised its prices on 7 January 2020, while Shell raised its prices on 6 January 2020.

SPC was the only major player to resist the latest hike, with its prices remaining unchanged as of 7 January 2020.

Observers said that while the killing of Major-General Soleimani had made the market more volatile, crude prices had already been climbing before his death. Fuelled by a thaw in the U.S.-China trade war and ongoing supply cuts from major oil producers, Brent crude ended 2019 at a four-month high of U.S.$66 a barrel.

Compared with 18 months ago, pump prices have climbed $0.07
Brent has since risen further, ending at U.S.$68.91 on 6 January 2020. The current volatility is also attributable to uncertainty over how Iran will respond to the killing. Many Iranian leaders have warned of reprisals.

But Oil Industry Consultant Ong Eng Tong reckons oil prices will rise, as Iran is likely to retaliate, and that would in turn ignite U.S. sanctions, which will drive oil prices higher.

The last time pump prices went up was just before Christmas, when rates moved up by $0.03 a litre. Compared with 18 months ago, pump prices have climbed $0.07.
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