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Singapore's pump operators have taken turns over the last 3 weeks to increase their prices, with speculation that 95-Octane could hit $3/litre by 2022.
The local petrol duty will be raised with immediate effect as part of the recently announced Budget 2021 adjustments.
Petrol pump prices have gone up to what they were before the circuit breaker, hitting their highest in almost a year.
Pump prices have moved up in line with higher wholesale fuel prices as world economies reopen after the COVID-19 pandemic lockdowns.
Looking for the lowest petrol prices before heading to the pumps? We track the prices offered by the various petrol stations here!
Esso's and Shell's 95-octane petrol is now retailing at $1.99 a litre, while other players are expected to match Shell's and ExxonMobil's reductions.
Singapore Petroleum Co has kept its pump prices unchanged since 6 May 2020, bucking the price rises from all rival retailers.
95-octane grade petrol at Esso and Shell stations is now $2.02 a litre, while 98-octane petrol is retailing at $2.39 and $2.41 respectively.
Pump prices have fallen for the second time in two weeks, taking a litre of petrol to below $2 for the first time in several years.
Petrol prices in Singapore have fallen by up to $0.05 a litre on 29 April 2020, a week after crude oil plunged to record lows.
Oil Industry Consultant Ong Eng Tong said pump prices should test the $2 level by next month, with 92-octane falling below $2 - a level not seen since 2016.
Fuel pump prices in Singapore continues to remain unchanged since 25 March, despite a recent sharp plunge in global crude oil prices.
ExxonMobil cut pump prices by $0.03 on 11 March 2020, its second reduction since the plunge in crude oil prices on 9 March 2020.
Most petrol pump prices here have risen by $0.03 a litre following the assassination of Iranian military leader Qassem Soleimani.
A study by the Competition Commission says statistics over a six-year period show that petrol pump prices have moved in tandem with wholesale fuel prices.
Motorists are still using lower grade fuel despite a drop in pump prices in the past year as they see no real benefit in using a higher octane fuel.
Petrol prices have increased twice this month, with motorists now having to fork out up to six cents more per litre for their petrol as crude oil rates go up.
Three petrol companies have answered to a Consumers Association of Singapore request to explain the price increase but Shell's reason was not accepted.
Petrol companies have been ordered by the Competition Commission of Singapore to explain their latest price hikes after the increase in petrol duties.