Shell Triggers Third Day of Fuel Price Cuts as 95 Octane Petrol Drops Below 2022 Record Highs

95-octane petrol prices in Singapore drop below 2022 highs after three days of cuts. Shell leads the market downward while diesel costs remain at record peaks.

By: AXL Media

Published: Mar 27, 2026, 9:01 AM EDT

Source: The information in this article was sourced from AsiaOne

Shell Spearheads Relief for Motorists Following Volatile Peak

The Singaporean fuel market has entered its third consecutive day of downward adjustments, providing a measure of financial reprieve for drivers heading into the weekend. Shell initiated the most recent movement on Friday, March 27, by slashing petrol prices by two cents across its entire range, including its premium V-Power offering. This shift marks a significant pivot from earlier in the week when prices for 95-octane petrol reached a staggering range of $3.46 to $3.47 at various providers. According to current market data, Shell now offers the most competitive rate among major companies for 95-octane fuel, currently positioned at $3.40 per litre.

Market Retraction From Historical June 2022 Benchmarks

The latest price revisions are notable for pushing 95-octane petrol below the previous historical high of $3.42 per litre, a record originally established in June 2022. Data from the Consumer Association of Singapore’s Price Kaki tracker indicates that while Caltex had recently surpassed that record on March 13 with a $3.45 posting, the subsequent corrections by Shell and SPC have brought the market back under that critical threshold. This volatility highlights a rapid cycle of inflation and correction within the local energy sector, as companies react to shifting logistical costs and consumer advocacy pressures monitored by Case.

Divergent Trends Between Petrol and Stagnant Diesel Costs

Despite the cooling trend observed in the petrol segment, the cost of diesel fuel has failed to follow suit, remaining locked at high levels. Shell maintained its diesel price at $3.93, a figure that was significantly bolstered by a 20-cent hike earlier in the week. Tom Kloza, serving as the chief energy adviser at Gulf Oil, attributed this disparity to a pre-existing scarcity of diesel that predated the recent outbreak of conflict on February 28. According to Kloza, diesel traditionally experiences faster price acceleration than petrol during periods of rising oil costs, largely due to robust industrial and heating demand originating from Europe, China, and India.