SINGAPORE – Esso has become the first fuel pump operator to bring petrol prices below $3 a litre.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, Esso made the cut at around 4pm Friday (July 15).
Its posted price for 92-octane petrol is now $2.96, or 14 cents lower than last week, while its diesel rate is a cent higher at $2.97 (four cents down).
Posted prices for its 95- and 98-octane petrols are $3.01 and $3.48, respectively. Both are also 14 cents lower than last week.
The reduction came on the back of Brent crude oil sliding below US$100 a barrel for the first time since April. RBOB gasoline, a proxy for refined petroleum prices, last traded at US$3.19, the lowest in over three months.
Esso’s move is expected to trigger a reduction across other brands in the coming days.
After discounts, Esso has the cheapest 92-octane fuel at $2.43 a litre (with DBS Esso card), while SPC has the costliest at $2.64 (various cards).
For the popular 95-octane, Esso also has the cheapest rate of $2.47 (DBS Esso card), which matches prices at Sinopec, which has only three stations.
This is the first time an established operator with a sizeable pump network matches the newcomer’s aggressive pricing.
Shell has the costliest 95-octane at $2.71 (various cards).
For 98-octane petrol, necessary for only a minority of cars here, Esso again has the lowest rate of $2.85 a litre (DBS Esso card). This also matches Sinopec’s rate. Shell also has the costliest 98-octane fuel at $3.13 a litre (various cards).