TL;DR news on Petrol prices at February 19, 2023
"Unfortunately, every capital city and every regional town across the country is paying record prices for both unleaded and for diesel," NRMA spokesman Peter Khoury said. Though half a world away, the consequence of the conflict has been felt in Singapore through fuel prices that have surged since Russia invaded its eastern European neighbour on Feb 24. Others, such as Mr Lucas Chiam, said that his family will still need to use the family car in spite of the heftier fuel prices because of logistical reasons. He noted that soon after the war broke out, three retailers raised pump prices further on Feb 24 to Feb 25, while the remaining two retailers did not adjust prices. Today oil prices stabilised below $120 a barrel, after recent surges pushed the cost of filling up petrol tanks across the country. A recent announcement by the energy minister of the United Arab Emirates that he would back higher oil production levels may not hold down prices for long, Staunovo said. More On This Topic 10 ways to shave your fuel bill ST Explains: How surging oil and gas prices may affect S'pore consumers Join ST's Telegram channeland get the latest breaking news delivered to you. As a result of this development, countries like the United States, Ghana and Egypt have adjusted their petrol prices to reflect the current realities. However, due to rising fuel prices, many motorists are finding that 125 euros' worth of fuel is not enough to fill their tank. High fuel prices are adding to these challenges and instead of accepting the current model, we must seek solutions that benefit consumers, not place them in more financial distress. Grattan Institute transport and cities director Marion Terrill said persistently high petrol prices could reduce the number of motorists on the road by about 2 per cent. This should help bring crude and fuel prices down." Mr Khoury said the immediate impacts will be felt as long as the conflict in Ukraine drags on. Even though the country relies primarily on hydroelectric power for its energy needs, sanctions against Russian oil and gas imports will still affect energy prices. Some consolation to households will be the government saying that it would look to continue its energy bill subsidy scheme, which sees the state pick up 80 percent of the bill if prices remain high.