SINGAPORE - Pump prices have fallen for the second time in a week, with Esso, Caltex and Shell lowering rates on Friday morning, followed by Sinopec in the afternoon.
According to Fuel Kaki, a pump price tracker set up by the Consumers Association of Singapore, Esso, Shell and Sinopec have cut petrol prices by six cents a litre across the board while Caltex lowered its rates by three cents.
With the latest adjustment, Esso still has the lowest posted price for petrol, with its 92-octane grade going at $2.71 a litre.
The only operator that has not adjusted is China-owned SPC, but it is likely to do so by the weekend, if not sooner.
The latest pump price cuts follow a further slide in oil prices. The benchmark Brent crude last traded at US$88.74 a barrel on the Intercontinental Exchange Europe, down from US$91.90 on Tuesday.
Oil prices are sliding on the back of growing recessionary fears and because rising inflation has been crimping demand.
After discount, Sinopec still offers the cheapest petrol here, with its 95-octane at $2.16 a litre (with selected OCBC cards), but the company has only three stations in Singapore and it does not offer 92-octane.
Among operators with sizeable networks, Esso's 92-octane is next at $2.22 a litre (with DBS Esso card).