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 cards that can make filling up your tank more wallet-friendly.

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• Earn 6% cashback on fuel spend at all petrol stations and save up to 29.5% off fuel at Caltex, Esso and Sinopec

• Earn 3% cashback on groceries, land transport, streaming services, utilities, EV charging and spending at Watsons

• Earn 5% cashback on dining and online food delivery

• Earn 0.5% cashback on instalment payment plans

• Earn higher interest rates when paired with the OCBC 360 Savings Account

• Cashback capped at S$80 per month with S$800 minimum spend or S$160 with S$1,600 minimum spend

SingSaver’s take

If you are looking to earn cashback on your existing purchases and save on fuel at the same time, the OCBC 365 Credit Card is the right choice for you. Existing UOB customers can benefit from even higher interest rates when paired with a 360 Savings Account.

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• Benefit from 18% instant fuel discount

• Auto enrolment into the Esso Smiles Driver Reward Programme, where members can earn Smile Points for every litre of Synergy fuel purchased at Esso stations

• Earn Smile Points for all purchases, which can be redeemed for fuel vouchers and partner rewards

• 0% instalment payment plans for motor insurance and road tax

SingSaver’s take

The DBS Esso Card makes a great addition to any Singaporean driver’s wallet. Not only does it provide savings on fuel topups, every purchase made can be redeemed as free fuel. However, those who are looking for a multi-purpose card may find the rewards offered by the DBS Esso Card limiting.

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• Earn 8% cashback on petrol and private commute fares worldwide

• Enjoy up to 23.64% savings on fuel at Shell, Caltex and Esso

• Earn 6% cashback on groceries and dining spend worldwide

• Travel insurance up to S$1,000,000 coverage

• Cashback is capped at S$80 per month

• Cashback earned has no expiry date

• Enjoy exclusive deals and discounts with Citi World privileges

• Split large purchases into affordable instalments with Citi PayLite

SingSaver’s take

The Citi Cash Back Card will make the perfect addition to your wallet if you are looking to get rewarded for spending on fuel and household expenses. Not only do cardholders get to enjoy savings on fuel, they are also rewarded for spending on groceries and dining. A no-frills card for customers who are looking to maximise rewards for necessities.

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• Enjoy up to 21.15% fuel savings at Caltex and Shell

• Earn 1 Shell GO+ point for every S$1 charged to a HSBC Card and 20% more Shell GO+ points when you pump Shell V-Power 

• Earn up to 1.8 mpd on local spend and 2.8 mpd on overseas spend

• Enjoy a complimentary 4th main course at more than 30 dining establishments in Singapore

• Enjoy access to presale and selected concert tickets

• Complimentary worldwide travel insurance covering up to USD600,000 for cardholder and family

• Enjoy discounted rates for Doctor Anywhere health screening packages and consultations

• Enjoy complimentary airport lounge access at over 1,700 airports worldwide

SingSaver’s take

The HSBC Premier MasterCard® Credit Card is a great choice if you are looking for an elite credit card. Besides fuel savings, cardholders can tap on a wide range of benefits, both when spending locally or when travelling internationally. An all-in-all great choice for those with a high monthly expenditure in a variety of categories.

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• Enjoy up to 6% cash rebates on fuel at SPC

• Enjoy up to 2% cash rebates on SpeedyCare

• Enjoy 5% cash rebates on dining out, online shopping and at Sheng Siong Supermarket

• Enjoy 10% cash rebates on online food delivery, SimplyGo transactions and in-store spend in Malaysian Ringgit

• Earn 8% cash rebates at Popular

• Benefit from exclusive dining and travel deals for cardholders

SingSaver’s take

The POSB Everyday Card is a great entry-level credit card for those who are not big spenders, yet wish to get rewarded for fuel and other essential purchases.

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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. Government-imposed taxes 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 the 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. By November 2023, the price of 95-octane had dropped to S$2.84 a litre because of the bleak global economic outlook. 

Thankfully, the roller-coaster ride is over now. Petrol prices have been pretty stable for the past 12 months, hovering around the S$2.90-mark. 

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.

Drawn from various online sources, here are the latest retail petrol prices in Singapore. The prices shown are before discounts from credit cards or loyalty programmes.

Compare the Best Petrol Credit Cards in Singapore

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.

Besides being smart with the right credit card perks to get the most out of petrol discounts, you can also save on your costs 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 goes a long way in reducing petrol consumption.

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

As drivers, being mindful of your running costs helps you save money in the long run. Always look for the best credit card that can help you maximise petrol savings and minimise parking fees, on top of doing your due diligence to compare car insurance premium rates. These small steps can translate into substantial savings over time, allowing you to use that extra money for other financial goals!