Fuel prices in Singapore have climbed close to the S$3 per litre mark, with industry observers warning that premium petrol could soon approach S$4 per litre if global oil prices continue rising.
The increase comes amid renewed pressure on international oil markets following geopolitical tensions involving Iran. Analysts say these developments have contributed to higher crude oil prices, which are gradually filtering down to retail pump prices worldwide.
Drivers in Singapore have already begun feeling the impact as petrol stations across the island adjust their prices.
PUMP PRICES RISE ACROSS MAJOR FUEL BRANDS
According to market observations, several major petrol retailers in Singapore have increased the price of 95-octane fuel, one of the most commonly used petrol grades among private car owners.
Stations operated by Shell, Caltex and Esso have reportedly raised their 95-octane petrol price to about S$2.97 per litre. Meanwhile, Sinopec’s price was around S$2.92 per litre, while SPC listed a slightly lower price of S$2.91 per litre.
The increase marks the second round of price adjustments within a short period. Earlier, several petrol companies had already raised prices from S$2.88 to approximately S$2.92 per litre.
Premium petrol grades are also seeing significant increases. Reports indicate that Octane 98 petrol could potentially reach S$4 per litre in the coming week if current trends persist.
A check at one petrol station showed its premium Platinum 98 petrol priced at around S$3.84 per litre.
RISING COSTS CREATE CONCERNS FOR DRIVERS
The rising fuel costs have raised concerns among professional drivers who depend heavily on petrol and diesel for their daily operations.
The National Taxi Association noted that fuel expenses represent one of the largest operating costs for taxi drivers. Any sustained increase in pump prices could therefore have a direct impact on their income.
In response to the situation, ComfortDelGro and the association have agreed to implement fuel price increases gradually rather than all at once. The first adjustment reportedly began on Mar. 5 with a S$0.05 per litre increase.
The phased approach is intended to give drivers time to adjust to higher operating costs while minimising immediate financial pressure.
According to available figures, petrol purchased at ComfortDelGro’s own stations had previously been about 34 per cent cheaper than retail pump prices, while diesel was roughly 48 per cent lower.
COMPANIES MONITOR SITUATION AS GLOBAL OIL MARKETS SHIFT
Transport operators and ride-hailing platforms are also keeping a close watch on fuel price trends.
ComfortDelGro said it is monitoring the situation carefully and will work with the taxi association to ease the financial burden on drivers. Measures being considered include absorbing part of the price increases and introducing targeted subsidies.
Ride-hailing platform Grab has also acknowledged the issue, stating that fuel costs remain a concern for drivers and delivery partners.
The company highlighted that it already provides fuel discounts through partnerships with several petrol retailers in Singapore. These arrangements are intended to help drivers reduce operating costs amid fluctuating fuel prices.
Industry observers say the direction of petrol prices will largely depend on developments in global oil markets in the coming weeks, particularly geopolitical events and supply disruptions that could further influence crude oil prices.