Pump prices at many petrol stations have fallen in recent weeks, with Esso, Caltex and Singapore Petroleum Company (SPC) making further price cuts yesterday.
ExxonMobil's Esso cut prices by one cent a litre for all petrol grades and diesel, its fifth reduction over two months. Similarly, after four price reductions this and last month, Chevron's Caltex yesterday lowered pump prices by three cents a litre. SPC reduced its pump prices last week and yesterday. Shell's pump prices have also dropped.
As of yesterday, the most popular petrol grade, 95-octane, was priced at between $1.88 and $1.93 per litre at petrol stations islandwide. The 92-octane grade was $1.84 or $1.87 per litre, while prices for 98-octane grade were between $2.17 and $2.28 per litre. Shell's V-Power was the costliest at $2.62 a litre. All prices are before discounts.
The price of crude oil was more than US$100 per barrel in June 2014. But it fell below US$30 on Tuesday for the first time since December 2003. Independent oil consultant Ong Eng Tong said pump prices have been cut as a result of that.
However, a spokesman for ExxonMobil said the price of crude oil is just one of many factors. "Besides wholesale prices, the retail prices of products are influenced by other factors like marketing, storage, land prices, government taxes, currency exchange rates and competitive market forces," he said.