Fuel prices increase in June

The Minister of Finance, Sili Epa Tuoti, has announced an increase in fuel prices for June.

The Minister announced increases in the retail prices for petrol by 3.2sene from $2.45 to $2.48 per litre, for diesel by 1.3sene from $2.41 to $2.42 per litre and for kerosene by 1.7sene from $2.05 to $2.07 per litre. 

“June M.C.W.P reflects April Singapore Prices ‘MOPS’ prices which increased across the product range,” a statement from the Minister said. 

“Freight costs decreased marginally while the exchange rate SAT/US$ had a negative effect on landed costs. World crude prices continue to be impacted by both political and economic influences. 

“Members of the Organization of Petroleum Exporting Countries (OPEC) – of which Saudi Arabia is the de facto leader – have achieved compliance of over 100 percent to their deal to cut production by 1.2million bpd in the first half of 2017.

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Whilst there has been some firming of prices during the first quarter, overall the market remains weak as highlighted by falling crude oil prices late in April.”

 

Retail Prices at Service Station: 

01 -30 June 2017

Unleaded Petrol $2.48

Diesel $2.42

Kerosene $2.07

 

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