(NEW IN: SINOPEC) Ultimate Comparison of Petrol Prices and Credit Card Promotions
Jan 2019 Update: We’re pumped(pun intended) to bring you this updated comparison because SINOPEC Yishun has officially opened its doors!
All numbers obtained from the respective fuel company’s website, through speaking with a representative or social media posts.
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.
If you’re a driver, you are going to want to read these:
What’s next? We bring to you a full breakdown of fuel prices in Singapore, which are known to be notoriously higher than in most other countries.
Image credit: Sinopec Official Facebook Page
Unbeknownst to many, SINOPEC is the second Chinese firm after PetroChina to enter the fuel sector here in Singapore.
Sinopec’s entrance to Singapore seems to have caused seems to have made the existing fuel companies like Caltex, Esso, Shell and SPC bring down their prices too, as shown in the table.
Fun fact: Sinopec is no stranger to Singapore. The company opened its first Lubricant Plant here back in 2013.
Latest Petrol Price Comparison in Singapore: Shell vs Esso vs Caltex vs SPC vs Sinopec (Newly Opened)
| SHELL | ESSO | CALTEX | SPC | SINOPEC | |
|---|---|---|---|---|---|
| 92-Octane | N/A | N/A | S$2.15 | S$2.15 | N/A |
| 95-Octane | S$2.19 | S$2.22 | S$2.19 | S$2.19 | S$2.19 |
| 98-Octane | S$2.52 | S$2.55 | S$2.56 | S$2.49 | S$2.51 |
| Top Grade | V-Power Nitro+: S$2.73 | N/A | N/A | N/A | SINO Power: S$2.63 |
| Diesel | S$1.73 | S$1.74 | S$1.71 | S$1.71 | S$1.71 |
| Credit Card Promotions | Citibank, UOB, HSBC | DBS, OCBC, Citibank | OCBC, Standard Chartered, HSBC | POSB, DBS, UOB, AMEX | OCBC |
| Last Updated | 30/12/2018 | 13/1/2019 | 21/12/2018 | 19/12/2018 | 5/1/2019 |
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 the 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.
For the convenience of Singaporeans, these are the best credit cards to use in Singapore when it comes to petrol perks and discounts.
Best 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
Best Credit Card Promotions at Caltex
- OCBC Credit Cards
16% fuel discount on Platinum 98
14% fuel discount on other grades of petrol and diesel
18% fuel discount with the
Additional $10 rebate with a minimum $300 nett fuel spend at Caltex in a calendar month
- HSBC, OCBC, Standard Chartered, AA, SAFRA
14% off petrol/diesel
16% off Platinum 98 with Techron®
Best 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 21.1% fuel savings with DBS Esso Credit Card (not updated for 2019 yet)
- OCBC
Up to 20.6% fuel savings with OCBC Plus! Visa Credit Card
Up to 20.4% fuel savings with OCBC 365 Credit Card
Up to 14% fuel savings with OCBC Credit / Debit Cards
Best Credit Card Promotions at SPC
- DBS/POSB
Up to 15% fuel savings
- UOB
Up to 20% fuel savings
- Amex
Up to 21% fuel savings excluding American Express Corporate Cards and American Express Cards issued by DBS, UOB and Citibank
Best Credit Card Promotions at Sinopec
- OCBC
24% fuel savings with OCBC 365 Credit Card
20% fuel savings with other OCBC Cards
- Cash, NETS, other non-OCBC cards
18% fuel savings
Sinopec’s second outlet is located at Bukit Timah and is said to open soon as well.
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.
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