The Minister of Finance, Hon Sili Epa Tuioti has advised that the following changes in retail petroleum prices will apply from yesterday.
Retail prices for petrol have decreased by 22 sene from $2.40 to $2.18 per litre.
Diesel prices have decreased by 16 sene from $2.37 to $2.21 per litre and for kerosene by 12 sene from $2.00 to $1.88 per litre.
Singapore prices for all products decreased by $5.00 to 7.00/BBL, freight costs also fell marginally and the US$ weakened against the SAT by 0.7%. Inland cost adjustments were all favourable adding to the overall decreases recorded across the product range.
On the world market, oversupply of crude oil continues to depress prices. One potential influencing factor that has emerged however is that the Middle East is back as the world’s dominant oil-producing region, producing its biggest global output since the 1970s and giving O.P.E.C. the edge in its fight for the market share. In the short term, prices are likely to remain low that is until either supply gets disrupted or global demand starts to increase.
Retail Prices at Service Stations
1-10 September 2016
Unleaded Petrol - $2.18
Diesel - $2.21
Kerosene - $1.88