The price of 95-octane petrol, the most popular grade in Singapore, has dropped to S$1.99 per litre, down from S$2.04 per litre the previous week.

The price is uniform across all brands locally, and is before discounts.

This price drop happened weeks after the price of crude oil plunged below zero, dropping into the negative figures for the first time.

Lowest prices since 2015

According to Fuel Kaki, a retail fuel price comparison website developed by the Consumers Association of Singapore (CASE), the cheapest 92-octane petrol is now S$1.95 per litre across all the brands that offer it.

Shell and Sinopec do not offer this grade of petrol.

The price of 98-octane petrol is more variable, from S$2.33 per litre at SPC, to S$2.47 per litre at Caltex.

This represents an approximate five-cent drop per litre compared to last week.

Shell and Sinopec also sell their own special grades of petrol, at S$2.60 and S$2.50 respectively, a drop of five cents per litre compared to the previous week.

The price of diesel has remained steady compared to a week ago, at S$1.64 per litre at SPC, versus S$1.67 per litre at all other pump operators.

According to The Straits Times, the last time more than one grade of petrol was retailing at below S$2 per litre was in 2015.

Back then, petrol duty rates were however increased by 15 to 20 cents per litre.

The then-Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said that the move to increase petrol duty rates was meant to encourage less car usage and to reduce carbon emissions.

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Top image from SPC.