Ultimate Comparison: Petrol Prices and Credit Card Promotions In Singapore (SINOPEC opening soon!)

Getting a car in Singapore is a really complicated thing because of the hundred and one things to consider (mostly costs) that help you decide if you really need and can afford this car.

We analyzed the costs of getting a car in another article and now look at fuel prices in Singapore, which are known to be notoriously higher than in most other countries.

Image credit: Alphonsus Chern, ST

Unbeknownst to many, SINOPEC is the second Chinese firm after PetroChina to enter the fuel sector here in Singapore.

Amongst the existing fuel companies like Caltex, Esso, Shell and SPC, SINOPEC’s entrance to Singapore could point to more competitive petrol prices as they have been known to slash prices and give high discounts – although this has been refuted by many citing that petrol prices are heavily controlled and moderated here.

Fun fact: Sinopec is no stranger to Singapore. The company opened its first Lubricant Plant here back in 2013.

Petrol Prices: Shell vs Esso vs Caltex vs SPC vs Sinopec

As we await the grand opening of its first (out of two) outlets here in Singapore, here’s how the petrol prices compare against each other.

How are petrol prices determined in Singapore?

1. Petrol tax by the Government

In Singapore, there is a fuel excise tax for motor petrol (92 and 95 Octane) and for premium motor petrol (98 Octane). The latest Budget 2018 revealed that there will not be additional carbon taxes imposed on petrol, diesel and compressed natural gas.

LTA levies a special tax on diesel vehicles. In addition, the 7% GST also applies to all fuels.

2. Handling Costs

• Storage, transportation, marketing, operations
• Retailer profit margin

The cost of fuel itself is but one of many components of petrol, which is why we don’t necessarily see a significant drop in petrol prices even when crude oil prices decrease.

Credit Card Promotions at Shell

• Citibank

Up to 20.88% savings with Citibank Cash Back Credit Card

Up to 14% savings with other Citibank Credit Cards 

• HSBC

Up to 19.16% savings with HSBC Premier MasterCard Credit Card

Up to 18.30% savings with HSBC Visa Platinum Credit Card

Up to 14% savings with other HSBC Credit Cards 

• UOB
  

Up to 20.8% savings with UOB One Credit Card

Up to 13.6% savings with other UOB Credit Cards

Credit Card Promotions at Caltex

• HSBC Credit Cards
  

16% fuel discount + up to 5% cash rebate

• OCBC Credit Cards
  

16% fuel discount on Platinum 98

14% fuel discount on other grades of petrol and diesel

18% fuel discount with the NTUC/OCBC Plus! Visa Card

Additional $10 rebate with a minimum $300 nett fuel spend at Caltex in a calendar month

• Standard Chartered
  

Up to 25% savings on 98-Octane with the Visa Infinite Credit Card

Up to 19.7% in fuel savings

Credit Card Promotions at Esso

• Citibank
  Up to 20.88% fuel savings with Citibank Cashback and Esso Mobil Credit Cards
  Up to 14% fuel savings with other Citibank Credit Cards

• DBS
  Up to 27.6% fuel savings with DBS Esso Credit Card

• OCBC
  Up to 20.6% fuel savings with OCBC Plus! Visa Credit Card
  Up to 20.4% fuel savings with OCBC 365 Credit Card

Credit Card Promotions at SPC

• POSB

Up to 20.1% fuel savings with POSB Everyday Credit Card

• UOB

Up to 24% fuel savings with UOB One Credit Card

Credit Card Promotions at Sinopec

To be advised. Watch this space! 

Sinopec is said to be open for business soon at 2 locations in Singapore, and construction has already completed at the Yishun site.

You will hear about the rates and promotions here first once they are released. Stay tuned!

In the meantime, have a question about credit cards for cars and petrol? See what the community is discussing about!

“What’s the best petrol credit card for a light car user (8-10k km per month)? Just cancelled my OCBC Plus card…” Read More.

Check out our blog for more unbiased opinions on your personal finance journey.

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