SINGAPORE, Sept 30 — Singapore-headquartered Caltex on Tuesday (September 29) night raised prices across its petrol offerings.
In a price board update published at 9pm, the Chevron-owned oil company announced a 5-cent (RM0.15) increase for its 92-, 95-octane and platinum-98 petrol.
The move mirrors the 5-cent hike posted by Shell earlier that afternoon.
Both companies kept their respective diesel prices unchanged.
As at 8.30am on Wednesday, Esso, Sinopec and SPC have not yet posted adjustments to their pump prices.
Between September 14 and 20, fuel prices in Singapore climbed steadily, with five rounds of increments posted in just seven days after over two months of unchanged prices.
Following the adjustments to petrol prices on Tuesday, the more popular 95-octane petrol now costs between S$2.54 at Cnergy and S$3.54 at Caltex and Shell.
Concerns linger over oil supply
The two major fuel companies’ moves come as lingering concern over Middle East supply disruption brought about by the US-Israel war on Iran outweighed signs of recovering crude exports from the region.
Reflecting this, Brent crude futures for November rose to US$106.99 a barrel on Tuesday morning, before easing to close at US$102.59 a barrel.
“The dominant risk remains the US-Iran standoff and its implications for energy prices and inflation expectations,” said UOB analysts in a client note.
Meanwhile, US forces withdrew from their remaining bases in Iraq on Wednesday, raising fears they will leave behind a security vacuum, further emboldening Iranian-backed militias and give the resurgent Islamic State group an opening to regroup, Reuters reported.
Iraq is a major global oil producer and holds the fifth-largest proven crude oil reserves in the world. — AsiaOne
