COE prices aren't the only car ownership cost that is climbing. For the fourth time in three weeks, petrol prices have been steadily rising.
The Straits Times reports that the latest increase first came from Caltex, followed by Sinopec.
At the time of writing, petrol prices for 95-Octane, which is the preferred fuel-grade amongst local drivers, have risen to $2.69/litre for both Shell and Caltex, with Esso and Sinopec both selling at $2.63/litre. SPC remains the lowest at $2.58/litre for now.
For a clearer picture of how much prices have risen, do refer to the following graph for 95-Octane:
As for 98-Octane, Shell is currently the priciest at $3.16/litre, followed by Sinopec and Esso at $3.10/litre. SPC is once again the most affordable at $3.06/litre. It is worth noting that Caltex does not carry 98-Octane grade petrol.
For a closer look at the petrol price trends for 98-Octane, kindly refer to the following graph:
The Rising Trend
Since mid-2020, petrol prices have been experiencing an upward trend. In February of this year, prices have inflated to the highest it has ever been since the Circuit Breaker period, from April to June last year.
Back then, 95-Octane was listed at $2.19/litre amongst all stations except SPC, which was still at $2.15/litre.
The average rise in costs was recorded as $0.50/litre per month for 95-Octane. Should this trend continue, we could see prices inflate to $3/litre before discount by mid-2022. Similarly, 98-Octane could surpass $4/litre by the second half of 2022.
According to Reuters, this worrying trend is happening globally and can be mainly attributed to the rising cost of crude oil and the increased demand for fuel due to the reopening of economies after lockdowns.
Will we see any respites anytime soon? By the looks of things, it is highly doubtful.
Do check out our Petrol Price page to stay up-to-date with the latest prices and best credit cards you can use to receive the most discounts. Alternatively, do check out our guide on saving money and optimising fuel spending.
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