Singapore fuel prices climbed higher on Monday, March 30, as Esso, Caltex, and SPC each raised their diesel prices by 20 cents per litre, continuing a near month-long streak of weekly fuel price increases across the island. Texas-headquartered Esso announced the hike on Monday afternoon, with Caltex and SPC following suit later in the evening. The latest increases mark the fourth consecutive week in which Singaporeans have begun the week with news of rising fuel costs and record-breaking prices.
The Monday hikes came in the wake of Shell, which had already moved earlier to adjust its fuel pricing. Esso's move effectively set the tone for the day's increases, with the other two major fuel retailers quickly aligning their prices. The coordinated nature of the adjustments reflects a broader pattern that has emerged over the past several weeks in Singapore's retail fuel market.
The repeated weekly increases have been driven largely by surging global crude oil prices, which have remained elevated amid ongoing geopolitical tensions and supply concerns. Singapore, which imports virtually all of its fuel, remains particularly exposed to fluctuations in international energy markets. Consumers and businesses reliant on diesel, including transport operators and logistics firms, are among those most directly affected by the sustained price climb.
The latest round of hikes adds further pressure to households and businesses already contending with broader cost-of-living increases. Diesel fuel is widely used by commercial vehicles, including trucks and buses, meaning price increases can have downstream effects on freight and transportation costs. Industry observers have noted that sustained fuel price increases at this pace could begin to feed into the prices of goods and services across the economy.
As of Monday evening, all four of Singapore's major fuel retailers — Shell, Esso, Caltex, and SPC — had adjusted their diesel prices upward by 20 cents per litre. It remains unclear when fuel prices may stabilise, as global oil markets continue to be influenced by ongoing supply disruptions and geopolitical developments. Motorists and businesses are advised to monitor fuel price updates closely as market conditions continue to evolve.
