Petrol and diesel prices dip lower for the second time in two weeks in Singapore as simmering worries about the global economy weighed on oil prices.
Caltex made the first move on Monday 6pm when it lowered pump prices by three cents a litre across the board, state’s own Straits Times reported on Monday.
Singapore Petroleum Co (SPC) matched the reduction at 7pm, followed by Shell at 9pm.
Esso – the island’s nation largest retailer – was the last to react, lowering prices at 10am Tuesday, according to Straits Times.
After the adjustment, 95 and 92-octane petrols at SPC and Caltex are $2.04 (RM4.99) and $1.99 a litre respectively. SPC’s 98 is $2.09 while Caltex’s 98 – which it pegs against Shells’ V-Power – is $2.175 a litre.
Shell fuels remained the costliest. Its 95 and 98-octane petrols are $2.045 and $2.095 a litre respectively, while its V-Power is $2.304. It does not sell 92-octane.
Diesel at SPC and Caltex are $1.60 a litre, while the fuel at Shell is $1.603 a litre. All rates are before station discounts.
Crude oil ended lower on Monday as weaker economic data emerged from China and the European debt crisis received renewed attention.
Light, sweet crude for July delivery closed US$2.40 lower – at US$97.70 ($121.85) a barrel – on the New York Mercantile Exchange. Brent crude ended US$2.46 lower at US$109.93 a barrel, but crept up to US$110.69 a barrel in early trading Tuesday.