Petrol price moves up a little while diesel price has fallen, according to the July fuel prices released by the Ministry of Finance.

Petrol will increase by 0.9 sene per litre, from its previous price of $2.91 to $2.92 per litre. However, diesel will decrease by 3.5 sene per litre, from $2.99 to $2.96 per litre, and kerosene will decrease by 3.7 sene per litre, from $2.59 to $2.56 per litre.

“July prices are based on the May 2025 Mean of Platts Singapore (MOPS) marker prices. World crude oil and refined product prices started the month on a downward cycle and remained relatively stable, despite the economic uncertainties brought on by the U.S. tariff changes,” said Minister for Finance Lautimuia Uelese Vaai.

“Typically, at this time of the year, petrol prices firm as the summer motoring season starts in Europe and the USA.”

Meanwhile, it is expected that conflict in the Middle East between Iran and Israel could heavily influence fuel prices to rise next month.

The recent conflict in the Middle East has led to sharp swings in the oil price. The BBC reported that the price of Brent crude, the global benchmark for oil, hit a five-month high of US$81.40 at one point after the US bombed nuclear sites in Iran. But news of a ceasefire has helped the price to fall back to about US$69 a barrel.