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Petrol prices down five cents, diesel 10 centsBy

SINGAPORE: Pump prices are down again - the second time in just over a week. The last time fuel prices were cut was on Oct 7.

On Thursday, Shell took the lead by reducing prices at 10.30am, followed by Singapore Petroleum Company (SPC) and ExxonMobil at 11.30am, and finally Caltex at noon. All four companies have cut petrol prices by five cents per litre for all fuel grades, and 10 cents a litre for diesel.

Premium 95 grade now stands at S$1.846 a litre before discounts, while the price of diesel is reduced to S$1.603. The latest revision follows a series of petrol price cuts since July 2008, after a drop in crude oil prices.

Crude oil futures were down more than 50 per cent from record highs of above US$147 reached in July, when prices rocketed on fears of supply disruptions. In early London trade on Thursday, Brent crude slid below US$68 a barrel to the lowest level in more than 15 months, as slowing energy demand took its toll.

Brent North Sea crude for November delivery slumped to US$67.17 a barrel - the lowest level since mid-2007. New York's main futures contract, light sweet crude for November delivery, was down US$2.06 at US$72.48 a barrel after sinking as low as US$71.21.

posted by nicelegs @ 1:40 PM