Why Are Petrol Prices So High in Singapore?
Updated: 9 Dec 2025
Written bySingSaver Team
Team
Disclaimer: The information on this page is for general educational and informational purposes only and should not be considered financial or investment advice.
Abstract:
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Petrol prices in Singapore are high due to global oil prices, regional benchmarks (Mean of Platts Singapore (MOPS)), taxes, and currency exchange rates.
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Expect prices to remain high in the near term.
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You can save money by using petrol rebate credit cards, topping up midweek, joining loyalty programmes, maintaining your car, and driving smarter.
Petrol prices Singapore 2026 have jumped sharply since mid-September, driven by Middle East supply disruptions pushing crude oil higher. Diesel has crossed S$4/litre at major retailers for the first time in three months.
| Retailer | Diesel | 92 | 95 | 98 | Premium |
|---|---|---|---|---|---|
| Caltex | $4.07 | $3.46 | $3.49 | N.A. | $4.19 (Platinum 98) |
| Esso | $4.07 | $3.46 | $3.49 | $4.01 | N.A. |
| Shell | $4.07 | N.A. | $3.49 | $4.01 | $4.23 (V-Power) |
| Sinopec | $3.97 | N.A. | $3.45 | $3.96 | $4.09 |
| SPC | $3.97 | $3.46 | $3.48 | $4.00 | N.A. |
| Smart Energy | $3.59 | N.A. | $3.50 | $3.99 | N.A. |
Sinopec and SPC are currently cheapest for 95-octane. Major brands raised prices 8–12 cents on 14–15 Sep 2026 after two months flat.
Diesel vs petrol cars in Singapore: which will save you more in the long run?
Thinking of buying a car but can’t decide between diesel and petrol? We break down the cost differences so you can drive smarter.
What’s up with petrol prices in Singapore?
Petrol prices in Singapore have steadily risen over the past few months, with average rates hitting above S$3 per litre depending on the grade.
Source: TradingEconomics
Plus, it’s not just about how much oil costs. There’s more happening behind the scenes too.
What’s driving up fuel prices?
Local and global factors are working together to push up the price you pay at the pump.
Global oil prices are rising again
Oil is a globally traded commodity, so when supply tightens or demand spikes, prices jump everywhere. Since February 2026, Middle East conflict — including disruption near the Strait of Hormuz, a chokepoint for global oil shipments — has pushed crude prices up, and Singapore imports all its crude oil, so we feel it directly. Brent crude was trading above US$106 a barrel as of mid-September 2026.
Drive further, spend less: top fuel-efficient cars in Singapore
Fuel prices are climbing, but your petrol bills don’t have to. Discover the most fuel-efficient cars that give you more mileage for every dollar.
MOPS: The price benchmark we rely on
Petrol prices here are pegged to the Mean of Platts Singapore (MOPS), a regional refining benchmark. Even if crude oil eases, pump prices may not drop immediately, since MOPS also reflects refining, transport, and operational costs across Asia — and Singapore is one of the world's largest refining and bunkering hubs, which keeps it closely tied to regional refining costs.
SingSaver Tips
Tariffs and taxes aren’t helping
Excise duty, carbon tax, and GST are all layered on top of the oil price and don't fall when global prices do — so Singapore's fuel price stays elevated even in a softer oil market.
Currency exchange matters too
Oil is traded in US dollars, so a weaker Singapore dollar pushes import costs — and pump prices — higher even without any change in the USD oil price.
Will prices go back down soon?
Not likely near-term. With the Middle East conflict unresolved, authorities have indicated no plans for road tax rebates or duty relief, so any relief at the pump is more likely to come from your credit card or a loyalty programme than from policy.
Best Petrol Credit Cards in Singapore
Before You Compare
Check your usual station
Discounts are brand-specific, so match the card to where you fill up.
Confirm minimum spend
Some cards need S$800–1,600/month to unlock top-tier cashback.
Check the monthly cap
Fuel cashback/discounts are usually capped, not unlimited.
Factor in the annual fee
Weigh it against realistic monthly fuel spend, not the headline rate.
Card | Hot Reward Pick | SingSaver Reward | Cashback Cap | Cashback Fuel | Min. monthly spend | ||
|---|---|---|---|---|---|---|---|
 | OCBC 365 Credit Card | S$799 | Up to S$160 / month | 6 % | - | ||
 | DBS Esso Card | - | - | - | 3.6 % | - | |
 | UOB One Card | S$599 | S$200 / quarter | - | - | ||
 | POSB Everyday Card | S$879 | S$120 / month | Up to 6 % | - | ||
 | OCBC Frank Card | - | - | - | - | - |
Which petrol card fits you?
5 smart ways to save on petrol in Singapore
Even if you can’t control the price per litre, you can still control how much you spend. Here’s how:
1. Use a petrol rebate credit card
Cards like the UOB One, OCBC 365, or POSB Everyday can give you up to 24% in fuel savings at select stations. Bonus: Some offer cashback on other everyday expenses too.
» MORE: Petrol rebate credit cards
2. Top up midweek
Prices tend to rise just before the weekend or public holidays. Tuesdays and Wednesdays are usually your best bet for lower rates.
3. Join station loyalty programs
Whether it’s Shell Go+ or SPC&U, loyalty points can translate into real savings over time.
4. Maintain your car
Simple things like keeping tyres properly inflated and servicing your engine regularly can boost fuel efficiency by up to 10%.
5. Drive smarter
Avoid sudden acceleration, remove excess weight, and plan your routes to avoid jams. Apps like Google Maps and Waze can help cut unnecessary idling.
Bottom line: Expect prices to stay high—and plan accordingly
Petrol prices in Singapore are shaped by forces far beyond our borders. While you can’t avoid paying duties or change global politics, you can make choices to soften the blow.
Taking small steps—like using the right credit card or maintaining your car—can go a long way toward keeping more money in your pocket.
» MORE: Check out the DBS Esso Card
About the author
SingSaver Team
At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.
The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.