SINGAPORE - After more than two weeks since the last industrywide price reduction, fuel pump prices here are on the slide again.
Esso, which sparked the last price cut, started the ball rolling on Wednesday (Aug 10) afternoon by bringing pump prices to their lowest since February.
According to Fuel Kaki, a petrol and diesel price tracker set up by the Consumers Association of Singapore, Esso's posted diesel price is now 11 cents lower at $2.81, while its three petrol grades are nine cents lower.
Esso's 92-octane petrol is now $2.80 a litre, while its 95- and 98-octane fuels are $2.85 and $3.32 respectively.
After discount, Esso offers the lowest petrol price with its 92-octane at $2.30 a litre (with DBS Esso card).
For 95-octane, Sinopec, which has only three stations here, has the lowest price at $2.30 (with OCBC cards). Among bigger network operators, Esso's $2.34 is the lowest (with DBS Esso card).
For 98-octane, Sinopec's offer of $2.68 (with OCBC cards) is the lowest, followed by Esso's $2.72 (with DBS Esso card).
Esso's aggressive price cuts follow a continuing downward movement in prices of crude oil and refined products. Rising inflation is putting a dent in demand on both automotive and non-automotive fronts.
Brent crude last closed on Nasdaq at US$96.65 a barrel, its lowest since February. RBOB Gasoline, a proxy for refined petrol, is US$2.95 a gallon, also at its lowest since February.
Esso's price reduction on Wednesday is likely to trigger price cuts by other pump operators here.