PUMP prices slid for the second time this week - the 10th time since August on the back of weakening global oil prices.

Shell led the cut in prices at 10am on Friday and was followed by Caltex, ExxonMobil and Singapore Petroleum Company shortly.

Down by four cents is the 92-octane grade fuel which now costs $1.523 a litre.

Petrol that is of the 95-octane grade and 98-octane grade fell five cents to $1.546 and $1.62 a litre respectively.

Diesel was also down five cents to $1.283 a litre.

For ultra-premium grade fuel- Shell's V-Power and Caltex Platinum - prices fell four cents to $1.759 and $1.756 respectively.

Petrol and diesel now cost about what they used to two years ago.

On Thursday, oil tumbled below US$44 (S$67) a barrel to levels last seen nearly four years ago .

Also hitting new lows were average retail gasoline prices, which fell below US$1.80 a gallon (below US 47 cents a litre) nationally in the US for the first time since January 2005.

Part of the reason gas prices have fallen so low is that many people no longer have jobs to drive to and fewer people have money to spend shopping.

Just four months ago, crude rocketed close to US$150 and the average gallon of gasoline went for more than US$4 per gallon (US$1.08 a litre). Crude has fallen nearly US$27 in just one month.