Led by Shell's cut at 12 noon, oil companies lowered petrol and diesel rates by five cents a litre. --ST PHOTO: WANG HUI FEN
AFTER rising continuously for the past few months, pump prices dipped on Friday.
Led by Shell's cut at 12 noon, oil companies lowered petrol and diesel rates by five cents a litre.
The reduction came shortly after crude oil fell below US$60 a barrel earlier this week on news that the US jobless rate had hit 9.5 per cent in June, its worst in 26 years.
Unemployment has also been rising across Europe, with the rate in Spain the highest at mor e than 14 per cent. The jobless rate in Germany had also crossed 9 per cent, with analysts predicting it to reach 10 per cent by year's end.
With Friday's reduction, 92, 95 and 98-octane petrols are now $1.637, $1.717 and $1.82 a litre before discount respectively. Diesel is $1.263 a litre before discount.
