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SINGAPORE : Petrol companies, Shell, ExxonMobil and Caltex, have raised pump prices by four Singapore cents per litre.
Shell led the way at about 4.30pm on Tuesday, followed by ExxonMobil and Caltex.
Regular 95 petrol now costs S$1.546 per litre, while diesel stands at S$1.283 per litre.
Oil prices hit nearly US$50 a barrel for the first time in about 30 days. This came after reports seemed to show that OPEC producers were starting to adhere to planned output cuts.
According to wire reports, some Asian oil buyers have claimed they received notices from Kuwait and Iran to expect fewer deliveries in January.
Analysts suggest global tension has also shaken the market, as Israel continues its war in the Gaza Strip.
The conflict in Gaza does not involve major oil producing areas. But there are worries that oil-producing Middle Eastern countries may slow down supply in protest of Israeli action. - CNA/ms
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