Petrol and diesel prices in Singapore have edged higher across most major retailers, reflecting mounting concerns over global supply disruptions linked to escalating tensions in the Middle East. The latest adjustments were made on 3 March, with several operators revising their pump rates upwards.
Checks on the Consumer Association of Singapore’s Price Kaki platform showed that 95-octane fuel is now priced at S$2.92 per litre at multiple stations. Meanwhile, some competitors have opted to hold their prices steady for selected grades, creating a small gap in retail offerings.
The movement in fuel costs comes at a time when international crude markets are reacting to instability affecting key shipping routes and production facilities.
Retail Price Movements Across Major Brands
Among the operators that updated their prices, Shell, Esso, Sinopec and Caltex have raised 95-octane fuel to S$2.92 per litre. Shell was reportedly the first to announce the revision. In contrast, SPC has maintained its price at S$2.87 per litre, making it one of the lower options in this category.
For 98-octane fuel, prices vary slightly between stations. Shell is offering it at S$3.44 per litre, while Esso and Sinopec are listing it at S$3.42. SPC remains the most competitively priced for this grade at S$3.38 per litre.
Premium variants of 98-octane fuel are also seeing higher rates, with Caltex pricing it at S$3.61 per litre, Shell at S$3.66, and Sinopec at S$3.55.
Diesel and Lower-Octane Adjustments
Changes have also extended to 92-octane fuel, with Esso and Caltex increasing prices to S$2.88 per litre. SPC is offering the same grade at S$2.84 per litre, continuing to position itself at the lower end of the pricing spectrum.
Diesel prices have similarly risen. Shell, Esso and Caltex are now charging S$2.70 per litre, while SPC’s diesel remains comparatively lower at S$2.57 per litre.
These revisions come as global energy markets respond to heightened uncertainty. A significant proportion of global oil shipments passes through the Strait of Hormuz, a critical maritime corridor between Iran and Oman. Reports indicate that shipping traffic has declined sharply amid threats to vessels, while drone strikes have reportedly damaged several tankers.
Regional developments have also affected production facilities, with disruptions reported in parts of Qatar and refinery operations in Saudi Arabia. Analysts note that such events can quickly influence crude benchmarks, which in turn impact retail fuel pricing in Singapore, given the city-state’s reliance on imported energy resources.