Jan 2019 Update:　We’re pumped(pun intended) to bring you　this updated comparison because　SINOPEC Yishun has officially opened its doors!

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:

• Costs of getting a car
• Free parking spots in Singapore

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)

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　NTUC/OCBC Plus! Visa Card

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.

via　https://goo.gl/evTq4V