Gasoline prices in Singapore have declined for the first time in almost three weeks, with Shell becoming the first retailer in the country to lower its rates.
As of Wednesday afternoon, Shell sold 95-octane petrol 1.44% lower at SGD3.42 (US$2.67) per liter, according to vehicle data website Motorist.sg.
Other companies such as Caltex, Esso and Sinopec maintained its rate at SGD3.47. Shell, however, raised its diesel price by 5.3% to SGD3.93.
95-octane petrol prices, according to major retailers in Singapore. Screenshot taken from Motorist.sg |
Global oil prices fell on Wednesday, with the Brent benchmark dipping below $100 at the time of publication, after Iran reassured that “non-hostile vessels” could pass through the Strait of Hormuz if they coordinated with its authorities.
U.S. President Donald Trump has stepped back from earlier threats to target Iran’s power grid, saying the U.S. and Iran had held “very good and productive” discussions.
Tom Kloza, chief energy adviser at Gulf Oil, said in a recent note that diesel prices have been climbing faster than petrol prices, partly due to tight supply even before the conflict, according to investment guide platform Investopedia.
“The world was well supplied with petrol on Feb 28, but it was not well-supplied on these middle distillates like diesel, gasoil, marine fuel, and jet fuel.”
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