Ship fuel was costing more in the city state as oil supplies tightened due to credit worries, traders told Reuters.

The Asian hub is still around $15m per tonne cheaper than Mumbai.

But prices for IFO 380 fuel in Singapore were $459 per tonne on 5 November, when OW announced a $125m fraud at its Singapore unit. This jumped to $485 in the days after OW filed for bankruptcy, before falling back.

It