Brent oil price in Singapore dollars: how high is it in history?
A barrel of Brent averaged S$148.67 in September 2026, about S$0.94 a litre of crude. That ranks 15th of 549 months since 1981, below the 2008 peak, because a stronger Singapore dollar absorbed part of the rise. Pump prices and petrol CPI rose about 15%.
Brent crude went above US$100 a barrel again in 2026, after the conflict involving Iran that began at the end of February disrupted supply through the Strait of Hormuz. Headlines quote the US dollar price. This note converts it into Singapore dollars, places it in history and checks how much has reached the pump and the consumer price index.
How much is a barrel of Brent in Singapore dollars now?
Brent averaged US$116.8 a barrel in September 2026 (World Bank Pink Sheet), and the Singapore dollar averaged 1.2729 per US dollar (FRED EXSIUS).
Brent, September 2026 monthly average converted at the monthly average exchange rate. About S$0.935 per litre of crude (one barrel is 158.987 litres). CapsWindow calculation
All Singapore dollar oil prices in this note are CapsWindow calculations: the World Bank monthly Brent price multiplied by the monthly average exchange rate.
Where does it rank since 1981?
September 2026 ranks 15th of 549 months since January 1981. Four of the five most expensive months were in 2008, and the record is still July 2008.
Where does it rank since 1981?
Brent in Singapore dollars
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank | Month | Brent in Singapore dollars |
|---|---|---|
| 1 | July 2008 | S$181.98 |
| 2 | June 2008 | S$181.93 |
| 3 | May 2008 | S$169.24 |
| 4 | June 2022 | S$166.24 |
| 5 | August 2008 | S$159.91 |
| — | April 2026 (2026 high) | S$153.62 |
| 15 | September 2026 | S$148.67 |
September 2026 was about 18% below July 2008 and about 3% below April 2026 (calculated). In US dollars the picture is slightly hotter: September 2026 ranks 10th of 801 months since 1960. The difference comes from the exchange rate. The Singapore dollar is much stronger against the US dollar than in 2008, so each US dollar of crude costs fewer Singapore dollars.
How much did the stronger Singapore dollar cushion?
A little. From December 2025 to September 2026, Brent rose 86.3% in US dollars and 83.7% in Singapore dollars (calculated). Over the same period the Singapore dollar strengthened 1.38%, from 1.2907 to 1.2729 per US dollar.
| Month | Brent (US$) | USD/SGD (monthly average) | Brent (S$) |
|---|---|---|---|
| December 2025 | 62.7 | 1.2907 | 80.93 |
| March 2026 | 103.7 | 1.2796 | 132.69 |
| April 2026 | 120.4 | 1.2759 | 153.62 |
| June 2026 | 85.4 | 1.2878 | 109.98 |
| August 2026 | 90.9 | 1.2763 | 116.02 |
| September 2026 | 116.8 | 1.2729 | 148.67 |
The cushion is modest because the Singapore dollar moved only slightly against the US dollar. It is consistent with MAS policy, which has kept the trade-weighted Singapore dollar on an appreciating path and tightened in April and July 2026. Currencies that weakened against the US dollar this year saw oil rise by more than 86% in their own terms.
Is it higher than in 2008 after inflation?
No, and by a wider margin than in nominal terms. Adjusted to consumer prices in April 2026, the latest month in this site’s Singapore CPI series, the July 2008 price is worth about S$253.65 a barrel (CapsWindow calculation, CPI multiple 1.3938).
| Month | Nominal | In April 2026 prices |
|---|---|---|
| June 2008 (real peak) | S$181.93 | S$256.34 |
| July 2008 | S$181.98 | S$253.65 |
| June 2022 | S$166.24 | S$181.60 |
| April 2026 | S$153.62 | S$153.62 |
| September 2026 | S$148.67 | about S$148.67 |
On this basis September 2026 ranks around 86th of 316 months. That ranking is approximate: consumer prices for May to September 2026 are not in the series, so the September price is treated as if it were in April prices. September CPI has not been published yet.
How much has reached the pump and consumer prices?
Singapore leaves pump prices to the market. In April the government rejected a broad fuel duty cut, calling it “too blunt an approach, and it could also be regressive”, and chose targeted support instead (Ministry of Finance).
| Average retail price (S$ per litre) | December 2025 | April 2026 (high) | August 2026 (latest) | Change since December |
|---|---|---|---|---|
| 95-octane petrol | 2.48 | 2.99 | 2.84 | +14.5% |
| 98-octane petrol | 2.99 | 3.53 | 3.37 | +12.7% |
| Diesel | 2.27 | 3.94 | 3.32 | +46.3% |
These SingStat averages include the onsite and loyalty discounts that are widely available; changes are calculated. Posted prices before discounts are higher: the four main retailers listed 95-octane at S$3.54 a litre on 2 October, according to AsiaOne. SingStat’s September figures are not out yet. For scale, crude oil alone cost about S$0.73 a litre in August (calculated from S$116.02 a barrel).
In consumer prices, headline inflation was 2.3% in August 2026 and MAS core inflation 2.2%. Within that, petrol was up 15.6% year on year, after peaking at 20.1% in May, transport was up 8.1% and electricity 9.1% (MAS and MTI). MAS described global oil prices as remaining “high and volatile”.
The government’s support package was “close to $1 billion in additional measures”: S$500 in CDC vouchers brought forward from January 2027 to June 2026, an extra S$200 in the Cost-of-Living Special Payment paid in September, S$200 in cash for taxi, ride-hail and platform drivers, and 1.5 times the usual U-Save rebates.
To compare an amount of Singapore dollars across years on several bases, open the past money calculator; the gold calculator offers another commodity yardstick.
Open the past money calculator →
What are the limits of these figures?
Monthly averages smooth out daily swings. Daily Brent spot prices from the US Energy Information Administration averaged US$126.98 over 1 to 14 October, well above the September average, so October may rank higher once complete. Spot and futures prices have also split: for September the EIA reports a spot average of US$114 against US$102.02 for front-month futures, a sign of tight physical supply. The World Bank figure used here (US$116.8) is a third measure. Crude oil is only part of the pump price, which also includes refining margins, distribution costs, taxes and discounts. The EIA's October outlook forecasts Brent averaging US$96 in 2026, US$105 in the fourth quarter and US$84 in 2027; these are EIA forecasts, and this note makes none of its own.
Questions & answers
How much is a barrel of Brent in Singapore dollars?
S$148.67 on the September 2026 monthly average: US$116.8 from the World Bank multiplied by 1.2729 Singapore dollars per US dollar. That is about S$0.935 per litre of crude oil. These are CapsWindow calculations.
Is oil more expensive in Singapore dollars than in 2008?
No. July 2008 averaged S$181.98 a barrel, about 18% above September 2026. After adjusting for consumer prices up to April 2026, July 2008 is worth about S$253.65, so the gap is wider in real terms.
Why did petrol rise less than crude oil?
Crude is only one part of the pump price, alongside refining, distribution, taxes and discounts. Brent in Singapore dollars rose 83.7% from December 2025 to September 2026, while 95-octane petrol averaged 14.5% more in August 2026 than in December 2025 (SingStat, including discounts).
Source
- World Bank - Commodity Markets (Pink Sheet) monthly historical data, Brent crude ↗
- FRED - Singapore dollars to one US dollar, monthly average (EXSIUS) ↗
- SingStat Table Builder M213761 - Average retail prices of selected items (petrol and diesel) ↗
- SingStat Table Builder M213781 - Consumer price index ↗
- MAS and MTI - Consumer price developments in August 2026 ↗
- Ministry of Finance - Ministerial statement on the impact of the Middle East situation on Singapore (7 April 2026) ↗
- US EIA - Short-Term Energy Outlook, October 2026 ↗
- US EIA - Europe Brent spot price FOB, daily ↗
- AsiaOne - Petrol and diesel prices on 2 October 2026 ↗
- CapsWindow - Data & methodology ↗