The pump price tracker for Singapore has made the entire Singaporean public very happy with the latest developments in fuel prices. The particular tracker shows that a reduction has been recorded in the fuel prices for two major pumps in Singapore.
CAS Records a Reduction
In Singapore, the public is used to tracking fuel prices with the pump price tracker. It is a tracker that has been launched by the Consumers Association of Singapore.
The name of the particular tracker is Fuel Kaki, which became a good sight for the locals on September 23rd. According to the tracker, a fuel price reduction has been recorded at two major petroleum companies’ pumps.
The tracker shows that Caltex and Esso have reduced their fuel prices at their Singapore fuel pumps. The tracker shows that the Caltex fuel pumps have reduced their fuel prices by 3 cents. On the other hand, it is Esso that has reduced its fuel prices by 6 cents.
The reduction is 3 cents and 6 cents per liter and not a gallon. The reduction introduced by Caltex and Esso is across the board, which means that it is not just a particular zone or area in Singapore but the entire country that has recorded a reduction.
Esso Offers the Cheapest Fuel
After making the adjustments, Esso has become the petroleum supplying company in Singapore with the cheapest fuel at their pumps.
At the Esso pumps, the 98-octane fuel is now available at $3.23 per liter. The 95-octane fuel is available at $2.76 per liter, while the 92-octane fuel is available at $2.71 per liter. As for the diesel, its current price of $2.74 per liter is being offered at the same rate as Caltex.
As for Caltex, the premium 98-octane is available at $3.45 per liter. The 95-octane is available at $2.79 per liter, while the 92-octane petrol is available at $2.74 per liter. Caltex does not offer 98-octane fuel so there is no rate for it.
Other Pump Operators may follow the Trend
With Caltex and Esso reducing their fuel charges, it is only a matter of time before other fuel pump operators try and compete with their rates. Other major fuel pump operators in Singapore include SPC, Sinopec, and Shell.
It is expected that these companies may also announce a reduction in their fuel prices towards the end of the weekend.
Sinopec may experience a dip in its business as it recently announced an increase of 13 cents per liter in its 98-octane fuel. Therefore, Sinopec has announced a minor reduction in price for the same fuel.
However, it is still not enough to compete with the reduction introduced by Esso. Sinopec will need to do more than that to compete with the company.
Caltex and Esso Follow the Global Oil Price Reductions
The drop in fuel prices is considered ordinary given the fact that the oil prices have been reduced on a global market scale. Caltex and Esso have just followed the same trend but they were fast to do it compared to other fuel pump operating companies.