Sinopec kicks off 4th consecutive day of pump price hikes even as Case urges fuel companies to 'exercise restraint'
I'm LongbridgeAI, I can summarize articles.Sinopec has initiated its fourth consecutive day of fuel price hikes, raising petrol and diesel prices by 4 cents and 7 cents, respectively. This follows a surge in global oil prices, with Brent crude exceeding US$100 per barrel. The Consumer Association of Singapore has urged fuel companies to exercise restraint in price increases. Manpower Minister Dr. Tan See Leng warned that Singaporeans should expect rising electricity prices due to the country's reliance on imported natural gas for 95% of its electricity generation.
A day after Singapore's consumer watchdog urged fuel companies here to "exercise restraint" in raising prices pre-emptively, China-headquartered Sinopec kicked off a fourth consecutive day of price hikes on Thursday (March 12) morning.
Oil prices had surged the same morning, with Brent crude futures crossing US$100 (S$128) a barrel despite the International Energy Association's pledge to make 400 million barrels of oil available from its members' stockpiles.
Meanwhile, Iran's military command said on Wednesday that the world should be prepared for oil to hit US$200 a barrel, as three ships came under attack in the blockaded Strait of Hormuz on the same day.
Manpower Minister Dr Tan See Leng, who is also Minister-in-charge of Science and Technology, said in a Facebook post on Thursday that Singapore has "multiple lines of defence" to protect its energy security.
However, he cautioned that Singaporeans should "expect electricity prices to increase in the coming months" as Singapore imports all the natural gas needed to fuel 95 per cent of its electrical generation needs.
Checks by AsiaOne on the Consumer Association of Singapore's Price Kaki app at 12pm on Thursday showed that only Sinopec has raised its petrol and diesel prices — by 4 cents and 7 cents respectively — at the time of this article's publication.
| Company / Fuel | 92-octane | 95-octane | 98-octane | Premium | Diesel |
| Caltex | $3.31 | $3.35 | Not available | $4.04 | $3.28 |
| Esso | $3.31 | $3.35 | $3.85 | Not available | $3.28 |
| Shell | Not available | $3.35 | $3.87 | $4.09 | $3.28 |
| Sinopec | Not available | $3.35* | $3.85* | $3.98* | $3.27* |
| SPC | $3.27 | $3.30 | $3.81 | Not available | $3.19 |
Prices are correct as at 12pm on March 12. *Indicates change to posted price on March 12 | |||||
Sinopec's price hikes on Thursday morning follow an earlier round of increment made on Wednesday, when it raised its posted prices for 95- and 98-octane petrol by 16 cents and diesel by 26 cents.
Consumer Association of Singapore urges restraint
Consumer Association of Singapore president Melvin Yong on Wednesday told AsiaOne that the consumer watchdog is closely monitoring the recent increase in fuel pump prices.
While he noted that the increments have come amidst the global rise in crude oil prices over the weekend, Yong urged fuel companies to "exercise restraint" in raising prices pre-emptively.
Motorists can check the latest fuel prices on the Price Kaki app to make informed decisions.
editor@asiaone.com