Petrol prices in Singapore have crept up at most major petrol stations on Mar. 3, amidst disrupted oil shipping lanes and production due to the ongoing Middle East conflict.
Pump prices
Checks on the Consumer Association of Singapore's Price Kaki app showed that 95-octane fuel now goes at S$2.92 per litre at Shell, Esso, Sinopec and Caltex, with Shell being the first to post the updated price.
SPC has kept its price at S$2.87 per litre.
For 98-octane fuel, Shell is offering it at S$3.44 per litre, while Esso and Sinopec are dispensing it at S$3.42 per litre.
SPC has the lowest price for the grade, at S$3.38 per litre.
'Premium' 98-octane fuel is going at S$3.61 per litre at Caltex, S$3.66 per litre at Shell, and S$3.55 per litre at Sinopec.
92-octane fuel prices have also gone up, with Esso and Caltex increasing the price to S$2.88 per litre. SPC is offering the fuel at S$2.84.
Diesel prices have similarly gone up, with Shell, Esso and Caltex posting a price of S$2.70. SPC has the lowest Diesel pump price at S$2.57 per litre.
Reduced flow and production
About 30 per cent of the world's oil flows through the Strait of Hormuz, located between Iran and Oman.
Since the U.S.-Israeli strikes against Iran, the Iranian Revolutionary Guard Corps has threatened to attack ships passing through the Strait.
According to The Guardian, ship traffic through the Strait has fallen by 80 per cent amidst the widening conflict.
Four tankers have also been struck by drones.
The conflict also had repercussions for oil and natural gas production, with Qatar halting natural gas production after Iranian attacks on production plants.
Saudi Arabia's oil refinery has also been hit by Iranian drone attacks, Bloomberg reported.
Top image via Google Maps
