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SINGAPORE - Pump prices saw another adjustment just as world oil markets deal with the continuing downward movement of crude oil prices.
As the price for crude dropped further below US$120 a barrel, local petrol company SPC jumped in to adjust its pump prices from 11am Wednesday, half an hour after Caltex made the move.
Diesel is now down by 6 cents a litre, while petrol costs 4 cents less for all grades. The latest adjustment was conservative compared to the cut of 10 cents on July 28.
The move, which oil companies attribute to market conditions, came as oil prices fell below US$119 in Asian trade on Wednesday.
When Tropical Storm Edouard passed over the Gulf of Mexico leaving limited impact on major oil installations based there, expectations of firmer prices also passed.
Dealers also blamed lower prices on worries about waning demand amid signs of slowing global economic growth.
In New York, oil prices have slumped almost 20 percent since hitting a record high of US$147.27 on July 11 due to renewed fears about the slowdown in the US
economy. Over in London, Brent North Sea crude was down 37 cents at US$117.33 a barrel.
The release later on Wednesday of the US government's weekly report on energy stockpiles, which markets are keeping a close watch on, could impact prices again.
- CNA/AFP/sf
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