Oil Price Down But Petrol Price Up


Business, Politics 8 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.

8 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

    0

  7. Reader wrote:
    On May 11th, 2017 at 1:50 am

    Read carefully the complete short article. There is certainly some definitely insightful data here. thanks. “The soul is the captain and ruler of the life of morals.” by Sallust..

  8. Reader wrote:
    On July 28th, 2017 at 10:37 am

    For instance, in the last 10 years, China’s demand for petrol has soared on the back of rapid motorisation. So, that is another major reason why a drop in oil prices does not translate to an equivalent drop in pump prices.

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