Petroleum prices to decrease this month [1]
Friday, June 16, 2023 - 11:58. Updated on Saturday, June 17, 2023 - 22:56.
The new petroleum prices for June to July will decrease effective from Monday, 19 June.
The retail prices for this month will decrease by 19 seniti/litre to $3.35 (equivalent to 5.37% decrease), kerosene will decrease by 16 seniti/litre to $2.46 seniti/litre (equivalent to 6.11% decrease) and diesel will decrease by 17 seniti/litre to $3.30 (equivalent to 4.90% decrease).
Similarly, the wholesale petrol, kerosene and diesel prices will also decrease by 18.49 seniti/litre, 15.42 seniti/litre and 17.71 seniti/litre respectively. All price changes include consumption tax.
Meanwhile, this sharp drop in all petroleum product prices from June-July 2023 is attributed to lower crude oil prices, and decrease in maritime freight rates.
The petroleum prices are mainly determined by the movement of FOB prices in the Singapore market based on May 2023 average prices of the daily published Mean of Platts Singapore (MOPS) benchmark prices.