Petrol companies lower pump prices in Singapore by 4 cents
By Channel NewsAsia | Posted: 09 July 2008 1554 hrs

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SINGAPORE: All four petrol companies in Singapore - Shell, Exxon-Mobil, Caltex and Singapore Petroleum Company - have lowered their pump prices by 4 cents a litre for petrol to reflect current market conditions.

Before any station discount, the 92-octane unleaded petrol is now priced at S$2.213 per litre, the 95-octane unleaded at S$2.246 a litre and the 98-octane grade petrol costs S$2.32 a litre.

The reduction in petrol prices on Wednesday was led by Shell, which cut prices at 11am, followed by Exxon-Mobil at 1pm and then the other two companies.

There is no change in the diesel price, which stands at S$2.033.

The petrol companies had last increased pump prices for both petrol and diesel by 5 cents a litre just four days ago, on July 5.

Oil prices have fallen by about seven per cent since hitting a record high last Thursday, partly on easing concerns about Middle East geopolitical tensions.

The London Brent contract hit an all-time peak of US$146.69 and New York crude struck a record high of US$145.85 last Thursday.

After declining in the past few sessions, oil prices moved up by about one US dollar a barrel on Wednesday in Asian trading, following reports that Iran had test-fired missiles that could reach Israel and US bases in the region.

New York's main oil futures contract, light sweet crude for August delivery, rose US$1.08 to US$137.12 a barrel. The contract had tumbled by US$5.33 to close at US$136.04 at the New York Mercantile Exchange on Tuesday.

Brent North Sea oil for August delivery rose 97 cents to US$137.40 following a plunge of US$5.44 to US$136.43 in London on Tuesday. - CNA/al