Shell, SPC drop petrol by 4 cents, hold diesel unchanged as oil prices fall back below US$100

Amidst a Pakistan-brokered two-week ceasefire between the United States and Iran, Brent oil prices fell back below US$100 per barrel on Wednesday (April 8), continuing into Thursday, with Shell becoming the first fuel company here to calibrate petrol prices downwards — by 4 cents. 

But it has kept its diesel price unchanged, at $4.68.

Shell's adjustment also moves its posted price for the popular 95-octane petrol back to the $3.42 per litre mark, last set in 2022, when Russia invaded Ukraine.

Later in the evening, SPC mirrored Shell's moves to reduce its petrol prices, also by 4 cents. It also kept its posted price for diesel unchanged.

The last round of price adjustments were made on April 7, as Parliament discussed measures rolled out to cushion businesses and households from the impact of the Middle East conflict.

Six weeks into the Middle East conflict, the price of 95-octane petrol has risen from between $2.91 and $2.92 on March 4, to between $3.42 and $3.47 on April 9. 

Meanwhile, the price of diesel has soared the most — from between $2.61 and $2.70, to the present high of between $4.62 and $4.68 on April 9.

At the current prices, local businesses which operate diesel vehicles could see an estimated monthly increase of about $189 in operating cost, per vehicle. 

To help the domestic transport sector cope with the rising price of fuel, certain essential bus services, such as those for school students, seniors, and persons with disabilities will receive temporary aid from the Government in co-funding cost increases so that these services can continue without disruption.

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