This follows a drop in fuel prices in the last two months.
The new prices are as follows:
- Petrol will now sell for 306.52 toea per litre (tpl), an increase of 4.30 tpl from July which sold at 302.22 tpl;
- Diesel which is the highest increase will sell at 253.29 tpl after rising by 8.50 tpl from 244.79 tpl; and
- Kerosene will go for 236.42, an increase of 6.71 tpl from 229.71 tpl in July.
The increases are attributed to the rise in the Import Price Parity (IPP) for all refined petroleum products, due to the growth in the Mean of Plats Singapore (MOPS) prices in July.
Global Crude prices have further increased as a result of expectations to further restrict oil supply by the Organization of Petroleum Exporting Countries (OPEC).
The increase in crude oil prices during July was caused by the expectations that Saudi Arabia may further cut its production at twice the level it agreed to during the recent OPEC deal, effected on January 01st.
This is expected to reduce global oil supply and push world oil prices up.
(Loop file pic)