Caltex leads first drop in fuel prices since Sept 14
Prices for both its diesel and petrol have been reduced
On Nov 4, Caltex became the first major fuel company in Singapore to drop fuel prices in nearly seven weeks.
PHOTO: AsiaOne/Fitri Salleh
PUBLISHED ONBYSean LerFuel prices in Singapore have dropped for the first time in nearly seven weeks since Sept 14, when rates rose after over two months of unchanged prices.
In a price board update published at 1pm on Wednesday (Nov 4), Chevron-owned Caltex announced that it has dropped prices for its 92-, 95-octane, premium petrol, and diesel offerings by three centres per litre each.
As at Thursday, no other major fuel company here has mirrored the move, although SPC has held it petrol prices unchanged since Oct 16.
In recent weeks, Shell and Caltex have taken turns to hike petrol prices, with Esso and Sinopec usually the next to raise prices, and lastly, SPC.
The price of the more popular 95-octane petrol now ranges from $3.56 at SPC to $3.63 at Esso, Shell and Sinopec, with Caltex holding the middle ground at $3.60 per litre.
As compared to its rates before Sept 14, Caltex's 95-octane petrol has now risen by 23 cents.
Meanwhile, Cnergy and Smart Energy have priced their 95-octane petrol at $2.74 and $2.62 respectively.
Across the Causeway, Malaysia's finance ministry on Wednesday announced reductions to its unsubsidised fuel rates for the week of Nov 5 to 11, citing signs of moderation in the regional petroleum market following the increase in refined fuel supplies.
| Company / Fuel | 92-octane | 95-octane | 98-octane | Premium | Diesel |
| Caltex* | $3.57* | $3.60* | Not available | $4.30* | $4.04* |
| Esso | $3.60 | $3.63 | $4.15 | Not available | $4.07 |
| Shell | Not available | $3.63 | $4.15 | $4.37 | $4.07 |
| Sinopec | Not available | $3.63 | $4.14 | $4.27 | $4.01 |
| SPC | $3.54 | $3.56 | $4.08 | Not available | $4.00 |
| Cnergy | Not available | $2.74 | $3.00 | Not available | $3.00 |
| Smart Energy | Not available | $2.62 | $2.99 | Not available | $2.69 |
Oil prices fell more than eight per cent to settle at their lowest in more than two months on Wednesday after President Donald Trump's Republican Party lost control of Congress in midterm elections, as investors bet that the shift in power could hasten the end of the US-Israeli war with Iran.
Brent futures settled US$8.98, or 8.7 per cent lower, at US$94.62 a barrel, while US West Texas Intermediate crude futures fell US$7.97, or 8.3 per cent, to US$88.12.
Both benchmarks closed at their lowest since Aug 31.
Trump now faces a choice between a negotiated exit and a riskier escalation.
A weakened Trump, facing a Democratic Congress able to constrain his military options, has greater incentive to seek a deal, said two sources close to Gulf government circles.
A full-scale assault on Iran now looks less likely, they said.
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