Petrol prices fall to lowest in 12 months, weeks after GST hike
newsare.net
SINGAPORE — Petrol and diesel pump prices have slipped back down to levels seen before the latest goods and services tax (GST) increase on Jan 1 despite rising global oil prices. The benchmark Brent crude last traded at US$86.56 (S$113.80) a barrel, its hPetrol prices fall to lowest in 12 months, weeks after GST hike
SINGAPORE — Petrol and diesel pump prices have slipped back down to levels seen before the latest goods and services tax (GST) increase on Jan 1 despite rising global oil prices. The benchmark Brent crude last traded at US$86.56 (S$113.80) a barrel, its highest since mid-November 2022. Oil prices are expected to be on an uptrend in 2023 because of higher demand from China, which has all but lifted its Covid-19 restrictions. Ironically, China is also seen to be exporting more refined products, which could depress the wholesale prices of diesel and petrol in Singapore. According to market research firm S&P Global, the Chinese government has raised the export quota for its first batch of refined oil products for 2023 by 46 per cent. According to Fuel Kaki — a pump price tracker set up by the Consumers Association of Singapore — Caltex, Shell and SPC lowered posted pump rates just before the Chinese New Year weekend, with cuts of between three cents and five cents a litre. The adjustments have brought the prices of these brands more in line with pre-discount rates posted by the two other pump operators here — Esso and Sinopec. Read more