Sinopec kicks off fourth consecutive week of petrol price rise in Singapore

Petrol prices in Singapore rose for a fourth consecutive week on Monday (Nov 2), with Chinese state-owned Sinopec picking up on increments posted by Caltex, Esso and Shell last week.

In a price board update published on Monday morning, Sinopec announced that it has raised prices for its 95-, 98-octane and premium petrol offerings by three cents each, while keeping its diesel price unchanged.

The 3-cent per litre petrol price hike mirrored adjustments posted by Caltex, Esso and Shell.

Sinopec last raised its petrol prices, also by 3 cents per litre, on Oct 23 .

As compared to its rates before Sept 14, when fuel prices first rose again after over two months of unchanged prices, the Chinese fuel company's 95-octane petrol has now risen by 26 cents.

Following the latest round of hikes, the price of the more popular 95-octane petrol now ranges from $3.56 at SPC to $3.63 at Caltex, Esso, Shell and Sinopec.

At the time of this article's publication, SPC is the only major fuel company that has yet to raise prices in over two weeks.

Meanwhile, Cnergy last week raised its 95-octane price from $2.69 to $2.74 per litre, while Smart Energy has kept its price at $2.62.

Prices are correct as at 9pm on Nov 2. All prices are before discounts.

*Indicates change to posted price(s) made on Nov 2

Oil prices slipped more than three per cent on Nov 2 after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.

Brent crude futures fell US$3.43, or three per cent, to US$110 a barrel by 2.10pm (Singapore time), while US West Texas Intermediate crude fetched US$100.62 a barrel, down US$3.50, or 3.4 per cent.

Brent ended October at its highest in six months amid concerns that the US-Iran conflict could escalate again after Tuesday's US midterm elections.

"Oil is seeing a technical pullback this morning after last week's strong gains," said Tim Waterer, chief ⁠market analyst at KCM Trade.

"Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now."

新加坡汽油价格周一（11月2日）连续第四周上涨，中国国有石油公司中石化继上周加德士、埃索和壳牌之后，也提高了油价。

中国石化周一上午发布的价格公告宣布，将95号、98号及高级汽油价格每升上调3美分，柴油价格保持不变。

此次汽油价格每升上涨 3 分，与加德士、埃索和壳牌的价格调整幅度一致。

中国石化上一次上调汽油价格是在10月23日，也是每升上调3美分。

与 9 月 14 日之前的价格相比，这家中国燃料公司的 95 号汽油价格在经历了两个多月的价格不变后首次再次上涨，目前价格已上涨 26 美分。

在最近一轮涨价之后，更受欢迎的 95 号汽油的价格现在从 SPC 的 3.56 美元到 Caltex、Esso、Shell 和 Sinopec 的 3.63 美元不等。

截至本文发表之时，SPC 是唯一一家两周多以来尚未提价的大型燃料公司。

与此同时，Cnergy 上周将其 95 号汽油价格从每升 2.69 美元上调至 2.74 美元，而 Smart Energy 则将其价格维持在每升 2.62 美元。

价格截至11月2日晚上9点有效。所有价格均为折扣前价格。

*表示11月2日公布的价格有所变动

11月2日，伊朗和卡塔尔官员连续第三天举行会谈，旨在推动达成一项结束美国和以色列对伊朗战争的协议，受此影响，油价下跌超过3%。

截至新加坡时间下午 2 点 10 分，布伦特原油期货价格下跌 3.43 美元，跌幅 3%，至每桶 110 美元；而美国西德克萨斯中质原油期货价格下跌 3.50 美元，跌幅 3.4%，至每桶 100.62 美元。

由于担心周二美国中期选举后美伊冲突可能再次升级，布伦特原油价格在10月份收于六个月来的最高水平。

KCM Trade首席市场分析师蒂姆·沃特勒表示：“在经历了上周的强劲上涨之后，今天早上原油价格出现了技术性回调。”

“人们对某种形式的外交进展仍抱有希望，加上周末期间没有发生任何实质性的军事升级，这些因素暂时缓解了价格的上涨压力。”