Latest Singapore Petrol Price 2024

Last updated: March 2024

Key Takeaways:

  • Petrol prices in Singapore are influenced by global crude oil prices, geopolitical events, and local demand.
  • The Russia-Ukraine conflict and COVID-19’s impact on the economy are major factors in the rising fuel costs.
  • As of Jan 2023, the most popular 95-octane fuel prices range from S$2.86 to S$2.93 per litre.
  • Shell V-Power is considered the best petrol in Singapore for its engine-cleaning capabilities and performance enhancement.
  • Mixing 95 and 98 octane fuels is generally safe but adhering to the manufacturer’s recommendations is best for vehicle performance.
  • Singapore-registered vehicles are restricted from pumping subsidized RON95 petrol in Malaysia.

What is the Current Situation with Petrol Prices in Singapore?

Petrol prices in Singapore have escalated due to global market dynamics, including the Russia-Ukraine conflict and the post-COVID-19 economic recovery. The most common 95-octane petrol now costs between S$3.26 and S$3.33 per litre. Factors contributing to the rise include the EU’s phased embargo on Russian oil and increased demand as economies reopen. Singaporeans are advised to stay informed and budget wisely in the face of these rising costs.

Here’s our top picks on:

Why are petrol prices rising in Singapore?

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Why are petrol prices increasing so much? – Singapore Petrol Price

Pump prices in Singapore have risen, fueled by an increase in global crude oil prices this week as a result of the European Union’s gradual ban on Russian oil imports and concerns about world supply.

Basically, the petrol prices have been rising for months in Singapore due to the Russia-Ukraine conflict.

Thus, fuel prices are still rising rapidly, fueled by renewed worries of a Russian oil embargo.

The reopening of economies throughout the world as a result of the COVID-19 outbreak has also increased demand for fuels.

Brent crude oil is now trading at USD$117 per barrel and appears to be going towards its March high of around USD$130 per barrel.

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How much has petrol increased in Singapore?

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Image credit: @northwest.oldblue

Pump prices in Singapore hit new highs – Petrol Price Singapore

The most popular 95-octane fuel prices in Singapore are S$3.26 to S$3.33 per litre, up from prior estimates of S$2.98 to S$4.04 per litre.

The premium grade of fuel, priced at S$5.04 at Shell, is the first time it has surpassed the S$6 barrier.

Currently, global crude oil prices rose after EU leaders agreed to a phased embargo on Russian oil and China lifted its COVID-19 lockdown.

Related: Is motorcycle expensive in Singapore?

Why has the price of petrol increased in Singapore?

Much of the world’s energy needs are met by Russia, the second-largest producer of oil and natural gas worldwide.

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The EU, which imports 25% of its oil and 40% of its natural gas from Russia, as well as Asia are relying on Russian supplies.

Given the uncertainty brought on by the war between Russia and Ukraine, oil prices have substantially increased.

Rising crude oil costs may be further exacerbated by the conflict in Eastern Europe.

It may be necessary to reorganize supply networks around alternate supply sites where production can still be profitable.

We may anticipate more Liquefied Natural Gas (LNG) to be supplied to Europe as US fracking output rises.

Which country has the highest petrol price?

Did you know that richer nations often have higher pricing whereas poorer nations and those that produce and export oil typically have much lower costs?

The varying taxes and subsidies for gasoline are mostly to blame for the price variations between nations.

Although all nations have access to the same petroleum pricing on global markets, they choose to apply various taxes.

Having said that, the following is a list of the top 3 countries in the world that has the highest petrol price as of July 2022:

  • Hong Kong – S$4.09 per litre
  • Finland – S$3.64 per litre
  • Iceland – S$3.61 per litre

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Which petrol is best in Singapore?

The best petrol in Singapore, according to study and analysis of many poll findings of Singaporeans, is Shell V-power.

Cleaner engines operate more effectively, and Shell V-Power with increased Dynaflex Technology offers the best protection of any premium fuel.

The majority of Singaporeans select Shell V-power among other gasoline in Singapore because it preserves your engine’s maximum performance with its unrivaled protection against performance-robbing deposits for a smoother drive.

It is actually Shell’s most advanced and inventive fuel.

Which petrol is best for car in Singapore?

In Singapore, there are several types of petrol available for cars, including 92, 95, 98 and Premium. The best type of petrol for your car will depend on several factors, such as the type of engine in your car, your driving habits, and the manufacturer’s recommendations.

Here are some general guidelines for choosing the best petrol for your car in Singapore:

Check your car’s owner’s manual: Your car’s owner’s manual will provide information on the type of petrol recommended by the manufacturer. It’s important to follow these recommendations to ensure optimal performance and fuel efficiency.

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Consider your driving habits: If you drive a lot and/or frequently drive on highways, you may want to consider using premium petrol, as it can provide better performance and fuel efficiency. However, if you primarily drive in the city and have a smaller engine, regular petrol may be sufficient.

Consider your car’s age and condition: If you have an older car or a car that has been driven for a high mileage, you may want to consider using a higher octane petrol to help prevent engine knocking and other issues.

Consider the price: Premium petrol is typically more expensive than regular petrol, so it’s important to weigh the cost against the potential benefits when deciding which type of petrol to use.

Overall, the best petrol for your car in Singapore will depend on several factors, and it’s important to do your research and consult with a qualified mechanic or expert if you have any questions or concerns.

What happens if you mix 95 and 98?

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What happens if you mix two grades of fuel? – Petrol Price Singapore

If you still haven’t known, unleaded 98 has a higher non-flammable power than unleaded 95.

This is due to the behavior of hydrocarbons which composes it: octane is more resistant to combustion.

Unleaded 95, on the other hand, is cheaper at the pump, and overconsumption compared to unleaded 98 is estimated to be less than 2%, making it a cheap option popular with drivers.

So to answer your question, 95 and 98 gasoline can be mixed without experiencing any short-term detrimental consequences.

The addition of 98 octane fuel won’t affect how well the car performs if it is already on 95 gasoline.

Utilizing 95 in a 98 engine will lower performance and might hasten long-term fouling.

Thus, it is best to never alter the type of gasoline you use, following the manufacturer’s recommendations.

Can Singapore cars and bikes pump 95 in Malaysia?

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What petrol can Singapore cars pump in Malaysia? – Petrol Price Singapore

All Singapore registered vehicles (cars and motorcycles) are not allowed to pump cheap RON95 petrol in Malaysia as this grade is heavily subsidized by the Malaysian government.

These restrictions went into effect on October 1, 2020, stating that all foreign-registered vehicles, including motorcycles, are not allowed to buy RON95 in Malaysia.

For diesel, this is limited to once a day with a 20-litre limit at any petrol stations within 25km of the Malaysia-Singapore land borders.

However there are still several instances of Singaporean drivers filling up with RON 95 at Malaysian gas stations since the land border between the two countries reopened on April 1 2022.

Learn more: If petrol is too expensive, why not ride a foldable bike to work?

Can a Singaporean drive a Malaysian car?

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Image credit: @pinkopinkopink

Can a Singaporean drive a Malaysian car? – Petrol Price Singapore

If you are planning to travel for vacation, you do not need an international driving license for Malaysia as a foreigner there.

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As long as you don’t intend to stay in Malaysia for more than 90 days, you can drive there with a Singapore license.

However, make sure to carry your entire license and that it is in clear, legible condition since you are using a foreign driving license in Malaysia.

In addition to that, an international driver’s license is now required if you’re moving to Malaysia after 90 days in the country.

If this applies to you, you need to also obtain a local license, which is a straightforward process. It’s advisable to obtain current information in Malaysia.

The minimum driving age in Malaysia is 17 years old.

There is no requirement for a separate vehicle rental license in Malaysia if you are renting a vehicle.

Can I bring petrol from Malaysia to Singapore?

Yes as long as the petroleum does not exceed 10L. Refer to the ICA Travellers Guide here.

Singapore Petrol Price

GradeEssoShellSPCCaltexSinopec
Diesel$2.67$2.71$2.66$2.71$2.66
92$2.81$2.85$2.81
95$2.86$2.86$2.93$2.86$2.86
98$3.34$3.36$3.34$3.54
Premium$3.58$3.53$3.47
Pump Prices in Singapore as at 6/2/24

We hope that by the time you have read this article’s conclusion, you have learned the key points you need to know, particularly if you are unfamiliar with Singapore’s gasoline pricing.

Take this as proof that it is still worthwhile to acquire your own vehicle rather than enduring nearly daily public transit if the high cost of fuel is one of the things holding you back from acquiring your first car or motorbike.

Keep in mind that the current circumstances in which we find ourselves—from the consequences of COVID-19 on our economy to the war between Russia and Ukraine—is the only reason why petrol prices in Singapore are rising so quickly.

In light of this, we would like to use this opportunity to remind everyone that being wise and prudent these days will prevent you from overspending, regardless of how much fuel and other items increase in price over the coming days, weeks, and even years.

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