Petrol prices in Singapore: How to fight it

As if getting a Car in Singapore isn’t expensive enough with the ever rising COE and change in down payment schemes, we still have to worry about the sky high cost of maintaining a car even if we do ever get to afford one; which includes road tax, season parking, insurance, ERP, petrol etc(use Investformation’s very own Vehicle Calculator to find out if you are able to afford a car before purchasing one).

Whilst there are some stuff thats engraved in stone and we can do nothing about, i.e roadtax, season parking etc, there are some things we can do to combat the prices of others.

For insurance, most youngsters use their parent’s names to combat the insane premium till they are above 26 where insurance premiums face a significant dip.

To avoid ERPs we can leave the house earlier, use another route etc.

For petrol, most of us try to combat that by heading up North where it’s significantly cheaper. But the thing is, even that has changed with the new toll system etc and even without the toll system, not many of us get the luxury of time to constantly head in every week to fill our tanks. So all credits to Joanne from Moneysmart, who has come up with the cheapest possible way to fill your tank right here in Singapore.

Petrol station prices

Petrol prices fluctuate from time to time, but less frequently than you have to pump petrol. When your tank is getting dry, do a quick search on the Internet or use an app like SG Petrol Prices Lite to check which petrol station is the cheapest for the type of petrol you use.

Petrol prices (per litre) for today are as follows:

petrol

Total up your discounts and rebates

There’s an ideal credit card to use at every petrol station, and this complicates matters further because the cheapest petrol station may no longer be the cheapest if you get a better credit card or loyalty card deal at another.

As a general guide, here are credit cards you should use at each petrol station. There’s a separate category for cars and bikes, since Citibank Dividend requires you to spend at least $50 at one shot to qualify for the 5% rebate.

petrol

And the winner is….

Here are our results based on the above for a 40 litre tank (an arbitrary number but discounts apply regardless of full tank size).

petrol

And the winner is:

  1. Caltex – only if you can fulfil the HSBC Visa Platinum’s minimum spending requirement to qualify for the 5% cash rebates.
  1. SPC – While the POSB Everyday Card presents significant savings at SPC with a total of 20.1% savings, Amex has recently launched an SPC promotion that gives a higher 21% in savings.

If you pump regularly at Esso, you can also apply for the Citi DIVIDEND Card.

This article first appeared on MoneySmart.

Whilst buying a car isn’t exactly a top recommendation from us being a of a depreciating asset class, we understand that some people do need a car in their lives for work/family purposes, so its best that we are able to save as much as we can whilst owning cars in Singapore.  Just remember to use our Vehicle Calculator to make sure you can actually afford one BEFORE you get one.

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