Petrol Price Comparison in Singapore 2024

Find out the latest petrol prices in Singapore.

Welcome to our guide on petrol prices and the best credit card deals to help you save money on petrol.

If you drive in Singapore, you’ll know how costly it is to own a car. Drivers are always on the lookout for ways to reduce their running costs. And finding the best deals on petrol to keep their journeys affordable is top on the list.

In this guide, we’ll help you understand the current petrol prices in Singapore and discover cool petrol credit card perks that can make filling up your tank a bit easier on your wallet. 

Table of contents

• What affects petrol prices in Singapore?
• Latest petrol prices in Singapore
• Real-time petrol updates
• Best petrol credit card discounts
• How much can you save with credit card discounts?
• Which petrol should you pump?
• How should you reduce petrol consumption?
• Small savings add over time

What Affects Petrol Prices in Singapore?  

Petrol prices in Singapore are influenced by oil prices and local taxes. Oil prices change based on the global economic outlook, geopolitical factors such as military conflicts, and the supply of oil by major oil producers. Taxes the government imposed on petrol also affect how much petrol costs.

For instance, in the last three years, the price of 95-octane petrol has been on a roller-coaster ride. When COVID-19 started, the price fell below S$2 for a litre in May 2020 because of a crash in oil prices and fewer people using their cars during circuit breaker.

Then, when the global economy reopened, it increased by more than half to over S$3 in March 2022. The hike resulted from strong global oil demand post-pandemic, supply disruption, and geopolitical tensions in Ukraine.

Now, in November 2023, it's down to S$2.84 a litre because of a bleak global economic outlook. 

Source: Motorist

Latest Petrol Prices in Singapore

There are about 180 petrol stations in Singapore, mainly operated by five petrol retailers - Shell, Exxonmobil (Esso), Chevron (Caltex), Sinopec, and SPC. They sell various types of petrol, such as octane-92, octane-95, octane-98, and diesel.

Here's the retail petrol price from Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore. The prices shown are before discounts from credit cards or loyalty programs.

Source: Fuelkaki 

Get Real-Time Petrol Price Updates on Price Kaki Mobile App

If you’d like to check petrol prices of the major petrol retailers (Shell, Caltex, Esso, Sinopec, and SPC) in real-time, get the Price Kaki mobile app developed by Consumers Association of Singapore (Case). With this app, you’ll receive live updates and alerts when prices change. The app is available on the Apple App Store, Google Play, and Huawei AppGallery.

Best Petrol Credit Card Discounts 

All petrol retailers have partnerships with multiple credit card companies to give drivers discounts when they pay using their preferred credit cards. As each petrol retailer has many card promotions ongoing at one time, we help you identify the best credit card to use at each petrol retailer.

Besides saving money with petrol deals, you can also save by lowering your car insurance premiums. Compare car insurance rates in three easy steps with SingSaver when it’s time to renew your insurance. 

	Credit Card	Upfront Discount	Cashback / Rebate	Total Savings
Caltex	OCBC 365	18% CaltexGO New OCBC Welcome Offer!  25% upfront discount with no minimum spend with all OCBC credit/ debit cards on your first CaltexGO Payment. Ends 31 Dec 2023.	Up to 6%	Up to 22.92%
Esso	DBS Esso Card Apply Now	18%	Up to 3.6%	Up to 21.6% Plus, enjoy up to 2.2% additional savings when you pump more than 250 litres a month with an Esso Smiles card.
Shell	UOB One Credit Card Apply Now	17%	Up to 5%	Up to 21.15%
	HSBC Premier MasterCard® Credit Card (Shell V-Power / Shell FuelSave 98 only)	17%	Up to 5%	Up to 21.15%
Sinopec	OCBC 365	20%	Up to 5%	Up to 24%
SPC	POSB Everyday Card Apply Now	15%	Up to 6%	Up to 20.1%

How Much Can You Save With the Credit Card Discounts? 

So, how much can you save with credit card discounts and loyalty programs? Let’s take the 95-octane petrol popular among drivers as an example. For an economy car with a fuel tank capacity of 55 litres, you could save around S$37 for a full tank pump with the current petrol prices when you use these discounts.

What Petrol Should You Pump? 

In the petrol stations, you will typically find these types of petrol – Diesel, 92-octane, 95-octane, and 98-octane. These numbers show how good the fuel is for your car's engine. The higher the number, the better the fuel works in the car. Some cars, especially high-performance ones, need higher-numbered fuels to run well.

Knowing what fuel your car needs before filling it up is important. While it's okay to choose better quality fuel, like the higher-octane ones, it's not always necessary for every car. Using premium fuel doesn't necessarily mean your car will perform its best.

How to Reduce Petrol Consumption? 

Besides being smart with the right credit card perks to get the most out of petrol discounts, you can also save on your petrol cost by reducing petrol consumption. Here are some easy tips to help you use less petrol when driving:

1. Smooth Driving: Pay close attention to the road ahead and anticipate when to slow down. Try not to speed up too quickly or brake suddenly. Gentle acceleration and slowing down can save a lot of fuel.
2. Reduce Weight: Take out any unnecessary stuff from your car. The heavier the car, the more petrol it needs.
3. Proper Tire Pressure: Make sure to fill your tires with the right amount of air. Low tire pressure can make your car use more petrol.
4. Plan Your Trips: If possible, always plan your errands or trips together. Shorter trips can use more petrol because your car works less efficiently when it's cold.
5. Regular Maintenance: Keep your car in good shape by getting regular servicing at workshops. Routine maintenance such as changing the oil and tuning the engine helps reduce petrol consumption.

Remember, even small changes in how you drive and care for your car can help save petrol and money!

Small Savings Adds Over Time 

As drivers, being mindful of your running costs helps you save money in the long run. Always look for the best credit card deals for maximum petrol savings, minimise parking fees, and do your due diligence to compare car insurance premium rates. These small steps toward reducing the day-to-day costs of driving in Singapore can accumulate into substantial savings over time, allowing you to use that extra money for other financial goals.