Shell cut its prices by four cents at noon, two weeks after pump prices were last lowered.

Caltex, Singapore Petroleum Company and ExxonMobil followed suit.

With the latest cuts, a litre of 92octane petrol now costs $1.563 before discount, almost two cents lower than the price in November 2006.

A litre of 95 octane is now going at $1.596, and 98 octane, at $1.67. Diesel costs $1.333 a litre.

Ultra-premium-grade petrol prices also came down by four cents. A litre of Shell's V-Power is $1.799, while Caltex Platinum retails at $1.796.

The latest round of price cuts is the 15th consecutive reduction since July, with the previous series of cuts already bringing prices down to their lowest levels in 20 months.

The latest adjustments come as crude oil prices slid to almost a three-year low in a market depressed by worries over the economy.

Light, sweet crude for January delivery closed at US$49.28 a barrel on Monday, after falling by US$5.15.

Mr Ng Weng Hoong, the editor of energy news portal EnergyAsia.com, said that while oil prices are expected to be pulled back in the coming months, consumers should not be lulled into a false sense of security.

'Supply issues are still a huge concern, and with consumption in most parts of the world still growing, it's very worrying,' he said.