SINGAPORE: Petrol stations in Singapore have raised
their pump prices.
Shell raised its petrol prices by five cents and its diesel by
three cents a
litre on Saturday afternoon.
The move followed similar price hikes earlier Saturday by ExxoMobil
and late Friday night by Caltex.
The companies said the hikes were in response to global market
conditions.
A statement by ExxoMobil said: "Retail pump prices are affected by
a basket of factors. These include wholesale price, storage,
distribution and marketing costs, taxes, duties, and currency
exchange rates. The internationally traded wholesale prices have
been on the increase since early July, on the average by more than
10% and they remain high."
Separately, Caltex said: "International crude oil and products
prices soared to historic highs in August.....The current high
prices have put tremendous squeeze on industry margins."
Similarly, Shell said: "Internationally traded prices of finished
products have been increasing steadily. This increase in prices has
placed severe pressure on the oil industry and we now need to
recover costs."
The three companies also said their customers would continue to
enjoy discounts off pump prices. - CNA
