On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

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• Fuel Oil (intermediate), export spot price, fob, Singapore

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In 2023, purchases abroad of crude petroleum oil decreased by -3.7% to 42M tons for the first time since 2019, thus ending a three-year rising trend.

The price of gasoline in Singapore increased between October 2023 to September 2024. It has grown from 2.76 U.S. dollars per liter to reach 2.86 U.S. dollars per liter from January to September 2024. The petroleum prices were not just affected by the rising cost of crude oil, but also by the global inflationary pressures and the hiked petrol duties in Singapore.

Palm Oil decreased 155 MYR/MT or 3.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on March of 2025.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Get the latest insights on price movement and trend analysis of Orange Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

In 2023, overseas shipments of crude soybean oil were finally on the rise to reach 47 tons for the first time since 2020, thus ending a two-year declining trend.

Singapore Retail Prices: Cooking Oil (Per 2 Kilogram) data was reported at 6.370 SGD/2 kg in Dec 2024. This records a decrease from the previous number of 6.400 SGD/2 kg for Nov 2024. Singapore Retail Prices: Cooking Oil (Per 2 Kilogram) data is updated monthly, averaging 6.050 SGD/2 kg from Jan 2010 (Median) to Dec 2024, with 180 observations. The data reached an all-time high of 7.550 SGD/2 kg in Oct 2022 and a record low of 5.390 SGD/2 kg in Aug 2010. Singapore Retail Prices: Cooking Oil (Per 2 Kilogram) data remains active status in CEIC and is reported by Singapore Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.P002: Average Retail Prices: 2019=100.

As of June 2023, the average price of petrol in Singapore stood at 2.76 Singapore dollars. Over the measured period, the average petrol price peaked at over three Singapore dollars in June 2022.

In 2023, purchases abroad of crude rape, colza or mustard oil increased by 49% to 176 tons for the first time since 2020, thus ending a two-year declining trend.

Key information about Singapore Crude Oil: Imports

• Singapore Crude Oil: Imports was reported at 797.667 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 835.250 Barrel/Day th for Dec 2022
• Singapore Crude Oil: Imports data is updated yearly, averaging 809.620 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 1,124.490 Barrel/Day th in 1994 and a record low of 517.431 Barrel/Day th in 2003
• Singapore Crude Oil: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Imports

Get the latest insights on price movement and trend analysis of Sunflower Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

The Singaporean olive oil market declined significantly to $8.8M in 2024, waning by -23.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a modest expansion from 2012 to 2024: its value increased at an average annual rate of +1.2% over the last twelve-year period.

In 2023, the average retail price of cooking oil amounted to approximately 6.77 Singapore dollars per two kilogram bottle, indicating a decrease compared to the previous year. The highest price per 2 kilogram bottle of cooking oil in Singapore in the last decade was recorded in 2022.

The Singaporean market for crude oil and processed petroleum was finally on the rise to reach $835K in 2023, after two years of decline. In general, consumption showed a abrupt slump. As a result, consumption attained the peak level of $31M. From 2014 to 2023, the growth of the market remained at a lower figure.

For the third year in a row, the Singaporean crude soybean oil market recorded decline in sales value, which decreased by -1.2% to $5.9M in 2024. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $13M. From 2019 to 2024, the growth of the market remained at a lower figure.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

The Singaporean refined maize oil market rose notably to $16M in 2024, picking up by 6.6% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Refined maize oil consumption peaked at $17M in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

Singapore Retail Prices: Petrol, 95 Octane (Per Litre) data was reported at 2.700 SGD/l in Dec 2024. This stayed constant from the previous number of 2.700 SGD/l for Nov 2024. Singapore Retail Prices: Petrol, 95 Octane (Per Litre) data is updated monthly, averaging 2.060 SGD/l from Jan 2010 (Median) to Dec 2024, with 180 observations. The data reached an all-time high of 3.160 SGD/l in Jun 2022 and a record low of 1.670 SGD/l in Jan 2015. Singapore Retail Prices: Petrol, 95 Octane (Per Litre) data remains active status in CEIC and is reported by Singapore Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.P002: Average Retail Prices: 2019=100. [COVID-19-IMPACT]