Singapore petrol prices increase second time in 2 weeks

This article belongs to the Singapore inflation watch story arc.

petrolwatch.com.sg :

Barely 2 weeks after a 4 cent increase, pump prices rise again! As of 4 pm on 17 March 2008, we can confirm that all 4 petrol brands have increased pump prices for petrol by 4 cents and pump prices for diesel by 5 cents ...

- I'll spare you the long tables, the Singapore petrol prices are now as follows in terms of grade and price per litre - RON92: $2.053, RON95: $2.086, RON98: $2.160, for all brands Shell, Esso, SPC and Caltex (except that Caltex doesn't seem to sell RON92).

I've remarked to friends earlier that this would eventually happen : all grades of petrol selling for over $2 per litre. And if you compare, say the price of RON95 petrol to a few years ago when it was going for $1.213, that's an increase of 68.67%. How's that for price inflation? There'll be more to come. The only reason that petrol prices at the pump have not gone up as much as crude oil has, is because refining margins have been squeezed to razor-thin levels. In time, that will change as refiners worldwide start to recover their margins. We could probably "look forward" to $3 per litre petrol and more in the not-too-distant future.

Updated :

1. Singapore petrol prices lowered 4 cents after crude oil drop
2. Singapore petrol prices down another 4 cents on lower crude oil prices
3. Singapore petrol prices drop 4 cents for third time in 2 weeks

(2008-03-22 15:32:33 SGT) [Energy] Permalink