Shell kicks off new round of fuel price hikes, first increase in 9 days
Shell kicked off a new round of fuel price hikes on Tuesday (Sept 29) after Singapore saw more than a week of price stability. In a price board update at 4.30pm, the multinational oil and gas company announced a 5-cent increase across its 95-octane, 98-octane and V-Power petrol types, while keeping its diesel price unchanged.As at 7pm, no other major fuel company in Singapore has posted any price adjustment.Shell's latest round of price increases comes as lingering concern over Middle East supply disruption brought about by the US-Israel war on Iran outweighed signs of recovering crude exports from the region.Reflecting this, Brent crude futures for November rose to US$106.99 (S$136.70) a barrel on Tuesday morning."The dominant risk remains the US-Iran standoff and its implications for energy prices and inflation expectations," said UOB analysts in a client note.Following the latest round of price changes, the more popular 95-octane petrol now ranges from $3.48 per litre at SPC, to $3.54 at Shell.