Oil Price Down But Petrol Price Up


Business, Politics 6 Comments

Pump prices across all petrol stations when up after Government announcement of a hike in petrol duties. The tariff for premium grade petrol is now SGD$0.64 per litre, up by 20 cents, while the duty for lower grade petrol, such as 92-octane and 95-octane, is SG$0.56 cents per litre, up by 15 cents. The petrol companies sell their 95-octane petrol for about SGD$2.00 per litre. Premium grade petrol is around SGD$2.50.

Photo Credit: Flickr.

BTW, Premium Unleaded Gasoline 10ppm (wholesale price from the refinery) cost about USD 600/1000 litres ~ SGD 850/1000 litres or $0.85 per litre. While the government pocketed $0.65 per litre, the petrol pump actually made a profit of about $0.50 per litre or nearly 60% margin of sale.

Oil prices slid to lower as growing crude inventories weighed on the market. US Light, sweet oil is around USD$50 a barrel on the New York Mercantile Exchange while Brent Crude, the worldwide benchmark, is around USD$60 a barrel. Brent all time high was USD$145 in July of 2008 and a record low was USD$2.25 in May of 1970.

6 Responses to “Oil Price Down But Petrol Price Up”

  1. Reader wrote:
    On September 27th, 2015 at 11:55 am

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  2. Reader wrote:
    On March 9th, 2016 at 7:59 am

    THERE is one main reason why pump prices in Singapore do not seem to fall as much or as fast as crude oil prices – taxes.

  3. Reader wrote:
    On April 1st, 2016 at 11:41 pm

    THERE is one main reason why pump prices in Singapore do not seem to fall as much or as fast as crude oil prices – taxes.

  4. Reader wrote:
    On June 10th, 2016 at 6:25 pm

    THERE is one main reason why pump prices in Singapore do not seem to fall as much or as fast as crude oil prices – taxes.

  5. Reader wrote:
    On August 28th, 2016 at 4:02 pm

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  6. Reader wrote:
    On September 12th, 2016 at 5:29 pm

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