Oil Price Down But Petrol Price Up
Tuesday, 24th February 2015
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.