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Sinopec hikes fuel prices, marking Singapore's fifth increase in 7 days

Fuel prices in Singapore have been climbing steadily over the past week, with Chinese state-owned Sinopec capping off the week with a fifth day of increments on Sunday (Sept 20).Its latest round of adjustments come a day after SPC raised its prices on Saturday.Sinopec's Sunday increment is also its second round of price hikes last week, following an earlier 8-cent...

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Sinopec hikes fuel prices, marking Singapore's fifth increase in 7 days
Sinopec hikes fuel prices, marking Singapore's fifth increase in 7 days

Fuel prices in Singapore have been climbing steadily over the past week, with Chinese state-owned Sinopec capping off the week with a fifth day of increments on Sunday (Sept 20).

Its latest round of adjustments come a day after SPC raised its prices on Saturday .

Sinopec's Sunday increment is also its second round of price hikes last week, following an earlier 8-cent increase across its fuel offerings on Sept 15 .

The latest 12-cent increment — also across its petrol and diesel fuel types — posted on Sunday brings its total increment over the past week to 20-cent per litre.

Following the latest round of price increase, the price of the more popular 95-octane petrol now ranges from $3.48 at SPC to $3.49 at Caltex, Esso, Shell and Sinopec.

Meanwhile, Union Gas-owned Cnergy and SMART Energy have kept their 95-octane prices at $2.54 per litre and $2.62 per litre respectively.

Prices are correct as at 10am on Sept 21. All prices are before discounts.

*Indicates change to posted price(s) made on Sept 20.

Oil prices fell on Monday morning as investors eyed a recovery in shipments from Saudi Arabia despite ongoing attacks by Yemeni Houthis that have escalated tension in the Middle East while the US and Iran remain in a stalemate.

Brent crude futures dropped 81 cents, or 0.78 per cent, to US$103.06 (S$131) a barrel at 8.31am (Singapore time) after settling down 0.91 per cent on Friday.

US West Texas Intermediate crude was at US$99.41 a barrel, down 89 cents, or 0.89 per cent, following a 1.58 per cent loss in the previous session.

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