SINGAPORE, June 4 — Fuel pump prices reached a new high yesterday to breach the S$4 (RM12.78) mark on the back of the European Union’s decision to phase out Russian oil and expected growing demand from China amid its easing of Covid restrictions.
Motorists told TODAY they are struggling to cope with the rising prices, with one saying he plans to switch to a hybrid vehicle.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, the price of a litre of 95-octane fuel ranged between S$3.26 and S$3.33 a litre, up from S$3.16-S$3.25 just two weeks ago.
The premium grade of 98-octane fuel at Shell (Shell V-Power) was priced at S$4.04 a litre, the first time a litre of petrol crossed the S$4 mark in Singapore.
Premium grade 98-octane fuel was priced at S$3.86 at Sinopec (Sino X Power) and S$3.99 at Caltex (Platinum 98), up from a range of S$3.77 to S$3.96 on May 20.
A litre of diesel cost between S$3 (Sinopec) and S$3.08 (Shell, Caltex), up from the range of S$3-S$3.03.
Prices for 92-octane fuel ranged from S$3.26 to S$3.28 per litre, up from S$3.13-S$3.20.
Fuel prices have been on an upward trend since the beginning of the year, driven by supply issues, the war in Ukraine and growing demand.
On Feb 7, 98-octane petrol surged past the S$3 barrier to reach up to S$3.25 a litre.
Rising costs
Adrian Ng, a manager at a local company, is considering switching to a hybrid vehicle or an electric car in the long term.
“With the current high petrol price, consumers will need to closely manage their expenses and be constantly monitoring the price fluctuations at the petrol stations,” he said.
For Joseph Lim, a handyman at renovation company JxWServices, he has seen his monthly fuel expenses swell to around S$600, up from S$400 at the start of the year.
“Fuel prices have been going up all year. It is eating more and more into my income,” the 26-year-old said.
Another motorist, Yong Sheng, hopes that there can be some sort of relief for drivers as fuel prices continued their upward climb.
Monthly fuel costs for the 27-year-old associate engineer has risen from S$200 to S$240.
Sebastian Ng, a 52-year-old engineer who drives to work daily, currently spends around S$150-S$200 on petrol every month, up from S$100-S$150 at the beginning of the year.
“For those who drive for personal reasons, it’s become an expensive convenience. For those who drive for income, it is directly affecting their livelihoods,” said Ng. — TODAY
