What is the petrol price in Singapore today?

As of today, the approximate pump prices are: 95 Octane (SP95) at S$2.85 per litre, 98 Octane (SP98) at S$3.15 per litre, and Diesel at S$2.60 per litre. Prices are updated quarterly and vary by station brand (e.g., Shell, SPC, Caltex).

Why are petrol prices in Singapore high despite falling oil?

Singapore petrol prices include significant taxes and duties imposed by the government, which account for a large portion of the pump price. Additionally, refining margins and land costs in Singapore are high. Therefore, a drop in global crude oil does not always result in an immediate, proportional drop at the pump.

📅 April 8, 2026

⏱ 5 min read

Singapore Energy

Petrol Price Singapore Today (2026): Latest Rates, Oil Trends & What’s Driving Fuel Costs

Global crude oil has crashed below $100, but are Singapore pump prices following suit? We analyze the latest SP95, SP98, and Diesel rates, and explain the lag between Brent crude and your local station.

FXRateLive Markets Desk

April 8, 2026 · Updated 10:00 AM SGT

ℹ️ Quick Insight: While Brent crude has dropped 5% this week due to the Iran ceasefire, Singapore petrol prices have only adjusted by ~1.5%. Taxes and refining margins are keeping pump prices elevated.

Petrol Price Singapore Today – Quick Update

S$2.85 95 Octane (SP95) ▼ -0.04

S$3.15 98 Octane (SP98) ▼ -0.05

S$2.60 Diesel (Euro V) ▼ -0.06

*Rates are averages across major brands (Shell, SPC, Caltex). Actual prices may vary by station.

Petrol station pump in Singapore displaying fuel prices for 95 and 98 octane

Photo: Unsplash · Singapore fuel prices are influenced by global crude trends, refining margins, and local taxes.

Why Aren't Pump Prices Dropping Faster?

Drivers in Singapore might be confused. Global headlines scream "Oil Crashes Below $100," yet the savings at the pump feel modest. This discrepancy is due to Singapore's unique pricing structure. Unlike some countries where pump prices track crude daily, Singapore's retail prices are heavily influenced by the Energy Market Authority (EMA) formula, which taxes fuel to discourage car ownership and manage congestion.

Furthermore, Singapore is a refining hub. While crude is cheaper, the crack spread (the profit margin refiners make turning crude into petrol) remains high due to strong regional demand for diesel and jet fuel. As global supply chains normalize—fueled by the recent U.S.-Iran ceasefire unlocking 172M barrels—we expect refining margins to compress, leading to more noticeable price drops in Q2 2026.

Internal & External Market Factors

Understanding the petrol price in Singapore today requires looking at both local and global factors.

1. The "Weak" SGD Effect

Singapore imports all its crude oil. It pays in USD. While oil is cheaper in USD, the Singapore Dollar (SGD) has weakened slightly against the Greenback this month. This currency fluctuation eats into the savings that would otherwise be passed to the consumer.

2. Quarterly Price Adjustments

Historically, Singapore saw price changes every fortnight. However, in the current deregulated but monitored market, major brands (Shell, ExxonMobil, Caltex) adjust prices based on wholesale movements. Currently, we are in a "correction phase" where stations are slowly lowering rates to match the falling wholesale costs.

What to Expect for the Rest of 2026

With the Strait of Hormuz no longer a blockade risk, the supply risk premium has evaporated. Analysts at Reuters suggest that if Brent holds below $95, Singapore drivers could see SP95 average drop toward the S$2.70 mark by mid-year. However, any geopolitical escalation or a sudden surge in China's demand could reverse this trend quickly.

📊 Related Market Data

To understand fuel costs, you must watch these related markets:

🌍 Global Oil Price 💱 USD/SGD Rate 📈 Singapore Inflation

Frequently Asked Questions

What is the cheapest petrol station in Singapore today?

Prices fluctuate daily. Generally, SPC (Singapore Petroleum Company) and independent stations tend to be slightly cheaper than Shell or Caltex for SP95. We recommend using the FuelKaki app or checking station signage directly for real-time discounts.

Does Singapore use RON 95 or RON 98?

Singapore uses the Research Octane Number (RON) standard. The most common grade is RON 95 (SP95), which is suitable for most modern cars. RON 98 (SP98) is a premium grade offering slightly higher performance and engine cleaning additives, typically used for high-compression engines.

Sources & References

Energy Market Authority (EMA) — Official Fuel Price Reports

IEA — Oil Market Report 2026

Reuters — Live Oil and Gas Market News