SINGAPORE: Pump prices in Singapore surged on Friday (Jun 3), fuelled by the uptrend in global crude oil prices this week on the back of a phased ban of Russian oil imports by the European Union and worries about global supply.
According to fuel price comparison website Fuel Kaki on Friday afternoon, the most popular 95-octane grade petrol was going at a range of S$3.26 to S$3.33 a litre, up from S$3.16 to S$3.25 just two weeks ago.
Prices of the 92-octane petrol were last seen at S$3.26 to S$3.28 a litre, up from S$3.13 to S$3.20.
The so-called premium grade of petrol was priced between S$3.86 to S$4.04. The 98-octane fuel, priced at Shell at S$4.04, marked the first time a litre of petrol has crossed the S$4 mark here, according to TODAY.
Meanwhile, diesel prices were seen at S$3 to S$3.08 a litre, up from an earlier range of S$3 to S$3.03.
Pump prices here have been on an accelerated uptrend following Russia’s invasion of Ukraine. While prices went slightly into reverse gear in end-March as concerns eased, experts have said uncertainties over the European conflict will likely fuel further uncertainties.
Global crude oil prices have shot back up this week after EU leaders agreed to a phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai which could bolster demand in an already-tight market.
As of Friday afternoon, US West Texas Intermediate (WTI) crude futures were 0.6 per cent lower at US$116.13 a barrel, while Brent crude futures were down 0.5 per cent at $116.99 a barrel.