Getting a car in Singapore is a really complicated thing because of the hundred and one things to consider (mostly costs) that help you decide if you really need and can afford this car.
We analyzed the
costs of getting a car in another article and now look at fuel prices in Singapore, which are known to be notoriously higher than in most other countries.
Image credit: Alphonsus Chern, ST
Unbeknownst to many, SINOPEC is the second Chinese firm after PetroChina to enter the fuel sector here in Singapore.
Amongst the existing fuel companies like Caltex, Esso, Shell and SPC, SINOPEC’s entrance to Singapore could point to more competitive petrol prices as they have been known to slash prices and give high discounts – although this has been refuted by many citing that petrol prices are heavily controlled and moderated here.
Fun fact: Sinopec is no stranger to Singapore. The company opened its first Lubricant Plant here back in 2013.
Latest Petrol Prices in Singapore: Shell vs Esso vs Caltex vs SPC vs Sinopec
As we await the grand opening of its first (out of two) outlets here in Singapore, here’s how the petrol prices compare against each other.
SHELL
ESSO
CALTEX
SPC
SINOPEC
92-Octane
N/A
S$2.27
S$2.24
S$2.24
T.B.A
95-Octane
S$2.28
S$2.31
S$2.28
S$2.28
T.B.A
98-Octane
S$2.61
S$2.62
S$2.65
S$2.58
T.B.A
98-Octane (V-Power)
S$2.82
N/A
N/A
N/A
T.B.A
Diesel
S$1.82
S$1.83
S$1.80
S$1.80
T.B.A
Credit Card Promotions
Citibank, UOB, HSBC
DBS, OCBC, Citibank
OCBC, Standard Chartered, HSBC
POSB, DBS, UOB, AMEX
T.B.A
Last Updated
16/11/2018
16/11/2018
16/11/2018
16/11/2018
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How are petrol prices determined in Singapore?
1. Petrol tax by the Government
In Singapore, there is a fuel excise tax for motor petrol (92 and 95 Octane) and for premium motor petrol (98 Octane). The latest Budget 2018 revealed that there will not be additional carbon taxes imposed on petrol, diesel and compressed natural gas.
LTA levies a
special tax on diesel vehicles. In addition, the 7% GST also applies to all fuels.
2. Handling Costs
Storage
Transportation
Marketing
Operations
Retailer profit margin
The cost of the fuel itself is but one of many components of petrol, which is why we don’t necessarily see a significant drop in petrol prices even when crude oil prices decrease.
For the convenience of Singaporeans, we managed to compile a list of the best credit cards to use in Singapore when it comes to petrol perks and discounts.
Best Credit Card Promotions at
ShellCitibank
Up to 20.88% savings with Citibank Cash Back Credit Card
Up to 14% savings with other Citibank Credit Cards
HSBC
Up to 19.16% savings with HSBC Premier MasterCard Credit Card
Up to 18.30% savings with HSBC Visa Platinum Credit Card
Up to 14% savings with other HSBC Credit Cards
UOB
Up to 20.8% savings with UOB One Credit Card
Up to 13.6% savings with other UOB Credit Cards
Best Credit Card Promotions at
CaltexHSBC Credit Cards
16% fuel discount + up to 5% cash rebate
OCBC Credit Cards
16% fuel discount on Platinum 98
14% fuel discount on other grades of petrol and diesel
18% fuel discount with the NTUC/OCBC Plus! Visa Card
Additional $10 rebate with a minimum $300 nett fuel spend at Caltex in a calendar month
Standard Chartered
Up to 25% savings on 98-Octane with the Visa Infinite Credit Card
Up to 19.7% in fuel savings
Best Credit Card Promotions at
EssoCitibank
Up to 20.88% fuel savings with Citibank Cashback and Esso Mobil Credit Cards
Up to 14% fuel savings with other Citibank Credit Cards
DBS
Up to 27.6% fuel savings with DBS Esso Credit Card
OCBC
Up to 20.6% fuel savings with OCBC Plus! Visa Credit Card
Up to 20.4% fuel savings with OCBC 365 Credit Card
Best Credit Card Promotions at
SPCPOSB
Up to 20.1% fuel savings with POSB Everyday Credit Card
UOB
Up to 24% fuel savings with UOB One Credit Card
Best Credit Card Promotions at Sinopec
To be advised. Watch this space!
Sinopec is said to be open for business soon at 2 locations in Singapore, and construction has already completed at the Yishun site.
You will hear about the rates and promotions here first once they are released. Stay tuned!
https://goo.gl/evTq4V