JUL 10, 2000

Caltex and Shell raise pump prices

PUMP prices are going up again.

Caltex and Shell increased their petrol and diesel prices on Saturday. This came barely a month after the last round of increases.

Both companies said the price of petrol had gone up by five cents a litre, while the price for diesel went up by three cents.

Caltex cited rising crude-oil prices as the reason for the hike at its 32 stations.

Crude prices, which have soared in the past few months, hit a nine-year high when they topped US$30 (S$51) a barrel this March. Caltex's new prices are: Vortex Platinum, $1.463 per litre; Vortex Gold, $1.399; Vortex Silver, $1.368; and Power Diesel, $0.635.

Shell's new prices are: Formula Shell XO, $1.497 per litre; Formula Shell Super, $1.399; Formula Shell Fusion, $1.368; Formula Shell Extra, $1.333; Shell Formula Diesel, $0.635.

Although no other companies had announced similar increases at press time, the latest price hike by the two oil giants is likely to prompt another round of similar hikes.

If this happens, the hikes may bring pump prices to the highest levels seen since the Gulf War in 1991.

The price increases are not unique to Singapore. In Britain, petrol prices have risen to a record #1 (S$2.63) per litre, triggering a spate of fuel thefts.

http://straitstimes.asia1.com.sg/singapore/sin2_0710.html

-- Martin Thompson (mthom1927@aol.com), July 10, 2000