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Esso becomes second company to raise petrol prices on Oct 22, third this week

Esso became the second major fuel company in Singapore to raise its petrol prices on Thursday (Oct 22) .Its 3-cent per litre hike across its petrol offerings, while keeping its price of diesel unchanged, mirrored adjustments posted by Shell in the morning and Caltex a day earlier.AsiaOne had reported earlier that this week's adjustments mark the first fuel hikes in...

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Esso becomes second company to raise petrol prices on Oct 22, third this week
Esso becomes second company to raise petrol prices on Oct 22, third this week

Esso became the second major fuel company in Singapore to raise its petrol prices on Thursday (Oct 22) .

Its 3-cent per litre hike across its petrol offerings, while keeping its price of diesel unchanged, mirrored adjustments posted by Shell in the morning and Caltex a day earlier .

AsiaOne had reported earlier that this week's adjustments mark the first fuel hikes in consecutive weeks since Sept 14, when rates rose again after more than two weeks .

Since then, and until this week, price hikes had been posted every alternate week.

Chandra Asri-owned Esso's latest adjustment comes just slightly over a week after another 3-cent hike on Oct 13 .

As compared to its rates before Sept 14, Esso's 95-octane petrol price has now risen by 23 cents.

The price of the more popular 95-octane petrol now ranges from $3.56 at SPC to $3.60 at Caltex, Esso and Shell.

Over the past six weeks, the three companies have been the first to post adjustments, followed by Chinese state-owned Sinopec, then SPC.

Meanwhile, Cnergy and Smart Energy are still offering the petrol grade at $2.69 per litre and $2.62 per litre respectively.

Across the Causeway, Government-controlled prices for unsubsidised Ron95, Ron97 and diesel fell for a second consecutive week due to expectations of increased fuel supplies from China, supported by exports from other Asian countries such as South Korea.

Global oil prices rose on Oct 22

Oil prices rose on Thursday as fresh Houthi attacks in Saudi Arabia prompted the US to order some diplomats and family members to leave its missions in the kingdom.

In the morning, Brent crude futures rose US$1.29, or 1.2 per cent, to US$110.01 a barrel, while US West Texas Intermediate crude gained 97 cents, or one per cent, to US$98.12.

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