SINGAPORE – Fuel pump prices have climbed to new highs once more to breach $4 for the primary time on the again of an imminent ban on Russian oil and elevated demand as world economies return to full swing.
According to Fuel Kaki, a pump value tracker arrange by the Consumers Association of Singapore, a litre of diesel is now between $3 (Sinopec) and $3.08 (Shell, Caltex) – up from $3-$3.05 two weeks in the past.
A litre of 92-octane petrol is now between $3.26 (Esso, SPC) and $3.28 (Caltex) – up from $3.13-$3.20.
A litre of the favored 95-octane gasoline ranges between $3.26 (Sinopec) and $3.33 (Shell, Caltex) – up from $3.16-$3.25.
Posted prices of 98-octane petrols are between $3.73 (Sinopec) and $3.82 (Shell) – up from $3.64-$3.74 – whereas the so-called premium grade of 98-octane fuels is going for between $3.86 (Sinopec) and $4.04 (Shell).
This is the primary time petrol has breached the $4 mark right here.
The relentless surge in pump prices began effectively earlier than Russia’s invasion of Ukraine in February, which sparked wide-ranging sanctions in opposition to Moscow which have deepened the worldwide provide chain disaster.
The gradual – after which sudden – reopening of economies because the world emerges from the Covid-19 pandemic has additionally fuelled demand for fuels.
At the identical time, producers are struggling to extend manufacturing – as an illustration, restarting refineries which had closed through the pandemic.
RBOB Gasoline, a proxy for refined petroleum merchandise, is now round US$4.20 a gallon, its highest in greater than twenty years.
The benchmark Brent crude is now above US$117 a barrel, and heading in the direction of its March excessive of virtually US$130 a barrel.
Pump prices in Singapore hit new highs, with costliest grade above $4 a litre & More Latest News Update
Pump prices in Singapore hit new highs, with costliest grade above $4 a litre & More Live News
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Pump prices in Singapore hit new highs, with costliest grade above $4 a litre & More News Today
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