Local fuel prices up 6.3% amid Middle East tensions

Fuel prices in Macau have climbed 6.3% in recent weeks, as Middle East tensions push global energy markets higher.

According to data collected by the Times, fuel prices have recently risen by 6.3%, with some types of fuel, such as diesel, seeing an even higher increase (7.7%).

Still, the prices are relatively stable when compared to crude oil, which has spiked by over 40% month on month in international markets.

As of yesterday, on average, a liter of regular gasoline was priced at MOP15.49, while a liter of diesel was priced at MOP16.97, and a liter of premium gasoline cost MOP16.52.

It should be noted that these are general prices, with the final consumer price being subject to different discounts and offers that vary between brands and even points of sale. The final price also depends on additional offers for regular customers who subscribe to “membership” programs from the brands.

After a thorough analysis conducted by the Times of the different discount programs, and taking into account the latest prices and offers reported by the companies to the Consumer Council (CC), the lowest price per liter of regular gasoline could be found at NK Oil (MOP13.96), including a discount of MOP2.38 per liter from the regular price of MOP16.34.

The average price per liter of regular gasoline was MOP15.28.

Concurrently, the lowest price per liter of diesel was found at Caltex, at MOP16.14, while the average price was MOP16.87.

As for premium gasoline, the lowest price for the product was on sale at Shell (MOP15.76), while the local average was MOP16.52.

[Photo; Renato Marques]

According to the most up-to-date data from the CC on fuel prices, NK Oil last updated its fuel prices on March 25, resulting in an 8.3% increase in regular gasoline and an 8% increase in diesel. On the same day, Caltex also revised its product prices, increasing gasoline by 7.8% and diesel by 7.5%.

Total and Esso last updated the prices of regular gasoline and diesel on March 26, with the first increasing the price of gasoline by 7.8% and the second by 8.1%. Regarding diesel, both companies increased the product price by 7.8%.

Shell’s latest update (April 1) kept the price of regular gasoline unchanged while reducing the price of premium gasoline by 8.4%. With this move, Shell set the same price for both types of its gasoline.

In the last diesel price update (March 25), Shell increased the price by 7.5%.

Also yesterday, Esso issued the largest price update for its premium gasoline, resulting in a 9.2% increase.

The increase in Macau fuel prices (6.3%) coincides with the increase noted in the neighboring region of Hong Kong for 95-octane gasoline, which has risen 6.3% to HKD32.19 per liter month on month.

The same product has recorded a three-month increase of 11.4% and 19.9% year on year.

Calls for a change

In Macau, gasoline is primarily sold with high octane levels, typically 97 to 98 RON (Research Octane Number), which are considered higher than necessary for most passenger vehicles, particularly motorcycles.

This type of fuel is also relatively more expensive than the lower-octane levels found in Hong Kong, mainland China, and most countries in Southeast Asia.

In the past, on several occasions, lawmakers, including Leong Sun Iok, have addressed the matter, calling on the government to amend regulations and import 95 RON gasoline, or even lower-octane products, as they are considered a better option for current vehicles and have relatively lower prices.

Currently, many drivers opt to refuel in nearby mainland China cities such as Zhuhai or Shenzhen, which offer a wider range of options, including 92- and 95-octane gasoline.

In comparison, Thailand and the Philippines primarily offer gasoline with RON levels of 91 and 95, alongside ethanol-blended options such as Gasohol E10 (91/95), E20, and E85, providing cheaper and more eco-friendly options for consumers, as ethanol-blended fuels are derived from biofuels.

These fuels have been widely researched and have proven suitable and safe for the vast majority of modern internal combustion engines, except for high-performance vehicles, for which 95 RON or higher is recommended.

In both Thailand and the Philippines, as well as in other Southeast Asian countries, ethanol is produced mainly from molasses and sugarcane.

As the Times previously reported, Cheng Chung Fai, chairman of the Macau Association of Consumers of Public Utility Companies, has recently explained that the increases seen over the past month are driven by crude oil rather than refined petroleum products.

“As oil products are mostly traded as futures, theoretically, there should not be an immediate direct impact on retail fuel prices,” he said, adding that if oil companies decide to hike retail prices at this moment, authorities should investigate whether the reasons are justified.