The downtrend followed lower demand worldwide in the wake of the global financial meltdown. -- ST PHOTO: WANG HUI FEN
PUMP prices were slashed again on Monday, the 11th time since July.
The across-the-board cut of five cents a litre pushed petrol and diesel prices to their lowest levels in 15 months.
Before discount, a litre of 92, 95 and 98-octane petrol now costs $1.713, $1.746 and $1.82. Diesel is now $1.503 a litre before discount.
The continuous slide has reversed an upward trek which saw a litre of petrol and diesel hitting all-time highs of $2.36 and $2.033 respectively.
The downtrend followed lower demand worldwide in the wake of the global financial meltdown. Industries have cut down production and motorists switched to smaller cars or held back on discretionary trips.
Crude oil prices are now hovering at US$69 (S$101) a barrel, down from a record US$147 a barrel in July.
Based on current pump prices, a motorist driving a mid-size car is likely to spend $300 a month filling up - about $90 less than in July.
