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Fuel pump prices are likely to fall in the coming days, although motorists are unlikely to see their bills shrinking by as much as the plunge in crude prices.
According to Bloomberg, a barrel of West Texas Intermediate (WTI) crude was at a record low of minus US$0.76 (S$1.10) as at 5pm Singapore time, while Brent was at US$22.03 – down from US$24.49 and US$27.39 respectively a month ago, and around US$66 and US$74 respectively 12 months ago.
Despite that, pump prices here have remained stable.
According to Fuel Kaki, a Consumers Association of Singapore portal which tracks fuel prices, 92-and 95-octane petrol are listed at $2.05 and $2.09 a litre respectively across all brands.
These prices, before discounts, have remained unchanged since March 25.
A litre of 98-octane is listed at between $2.43 and $2.69, while diesel is between $1.69 and $1.72.
Oil industry consultant Ong Eng Tong said pump prices should test the $2 level by next month, with 92-octane falling below $2 – a level not seen since 2016.
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