Wednesday August 26, 2009

Singapore petrol prices increased by 5 cents, up in third rise in a month

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com :

Singapore petrol pump prices are up again on Tuesday [25 Aug 2009], for the third time in a month. At Caltex and ExxonMobil, prices of petrol and diesel were raised by 5 cents a litre. Premium 95 grade now stands at S$1.867 a litre, while the price of diesel is up at S$1.343 and the price of Premium 98 has now hit S$2. The move was partly attributed to crude oil prices which have been on an uptrend in the past month.

- Uptrend? Oh yes. In the shorter term crude oil prices have been trading in a $70-75 consolidation pattern, but it has been up from below $60 in the past month to over $70 now. Zooming out to an even longer-term historical crude oil chart, you can see a recovery from the $32 level since Dec 2008.

As for the "partly attributed" portion, it should be noted that, despite the chunk of tax that the government collects (40 cents per litre), the price moves are mostly due to crude oil price movements, and as I have written earlier, downstream profits at the retail side of things are usually relatively thin in the overall scheme of things. We'll just have to see how the current consolidation pattern works out before a clearer picture emerges for crude and hence petrol prices in the near-term future.

See also :

1. NYMEX crude oil prices hit $72.20 on rising outlook and falling dollar
2. NYMEX crude oil prices ease after surge to $73.24
3. NYMEX crude oil prices jump to 2009 high above $74
4. NYMEX crude oil prices hit $75 resistance level

(2009-08-26 07:11:39 SGT) [Energy] Permalink

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