The Business Times (Singapore): Caltex, Shell raise petrol prices: “Factors contributing to the high petroleum product prices include tension in the Middle East, strong consumption from the China market and early concerns from the US market”

Posted 25 July 04

CALTEX and Shell have followed ExxonMobil's lead in raising petrol prices by four cents a litre. Shell is raising petrol prices by 4 cents a litre

At midnight on Thursday, ExxonMobil raised the retail pump prices of petrol and diesel. Its three grades of petrol now range from $1.384 to $1.498 per litre, while diesel now costs 85.2 cents a litre.

ExxonMobil, which has the biggest chain of 77 Esso and Mobil service stations in Singapore, said internationally traded wholesale petrol prices have been on the increase since early July, on the average by close to 10 per cent, and they remain high.

Yesterday, Caltex and Shell followed suit, with both raising their diesel and petrol products by the same amount.

Caltex's hike takes effect at 7am today. The company said that international prices have been rising steadily mainly because of insufficient supply worldwide to meet global economic development.

'Factors contributing to the high petroleum product prices include tension in the Middle East, strong consumption from the China market and early concerns from the US market over impending winter months' demand,' said Caltex retail manager for Singapore, Teri Khoo, who added that discounts at selected stations remain.

Shell, which has 74 stations here and is the market's second biggest player, said its higher prices took effect after 12 last night.

Only SPC and BP's pump prices remain the same.

A BP spokeswoman said there is no increase for now.

BP will exit the Singapore retail fuel market by the end of the year after selling its 30 Singapore stations and liquefied petroleum gas business to SPC for US$70 million.

http://business-times.asia1.com.sg/story/0,4567,123445,00.html