The prices for petrol services have decreased recently by 11 cents per liter amidst the Russia-Ukraine War. Yesterday, the numbers have reduced a little bit in what appears to be a reversion of the trend that we saw last time.
Prices dropped slightly
For the first time, last week, the prices for 95 octane fuel dropped to $3 per liter according to SG news. Nothing unusual happened considering the fact that the price of oil has risen dramatically due to the ongoing invasion of Ukraine.
Even though the drop of petrol prices currently is a good sign, it still remains higher than usual when there is no war going on.
Oil price hike due to the war
Ever since the war broke out in February, economic experts predicted that the implications on the economy brought by the conflict will be felt in the next few weeks. After the costs of global energy blew up because of the Russo-Ukrainian war, Singapore braced themselves for the impact of this to the electricity and petrol prices.
Over the past six months, worldwide energy costs have already increased because of the mass reopening of economies due to the pandemic and the crises in the environment, however, the Russian invasion of Ukraine has catapulted the numbers to its highest yet.
This is not surprising, considering that Russia is one of the leading exporters of oil in the world. The huge nation also contains vast natural gas reserves that sustains their export supplies.
With the rise in the number of sanctions enacted by Western nations against Russia in the middle of the Russian-Ukrainian crisis and the geopolitical volatility in Ukraine resulting in the restrictions in global supplies, electricity and oil prices in Singapore are expected to continue to increase.
A lot of oil companies in the city-state have already lifted their prices, and within the upcoming months, the electricity price for both commercial and residential spaces is also expected to rise. Does this mean that we would see an increase in the trend of monthly utility bills?
If you are worried that your utility bill charge will increase, you don’t have to worry as of now. Even though the rise in the prices might cause you stress in your finances, there are several methods that you can do to manage this.
How to save on petrol?
These past few years, there have been significant increases in the prices of petrol due to several factors such as the reduction in global supply and the economic consequences of the Covid-19 pandemic. These are the ways you can manage these changes.
Apply for credit cards with petrol discounts
The credit card plan that includes petrol discounts is one of the solutions to save on oil costs. These cards have discounts and they also offer cashback that can help your wallet.
Maintain the good condition of your vehicle
It is not surprising that a vehicle that consumes less fuel is also the one that is maintained well. Repair your tires, tune your engine and clean your air filters, it can really help you save.
Upgrade your good driving habits
The habit that you form while using your vehicle is also important. Habits such as switching off your engine while not in use, traveling light, combining trips and adhering to the proper speed limit can help you save monthly fuel costs.
There are several factors that affect the prices of our costs of living such as fuel, electricity and water bills. However, there are practical solutions that can help us manage these changes that don’t hurt our finances.
We hope that this article increases your awareness and helps you to better manage your budget. For more news in Singapore like this, you can go to The Straits Times.