Will govt change
their mind about increasing the utilities bill for July since the
petrol companies care enough to lower prices of
petrol?
By Channel NewsAsia | Posted: 09 July 2008 1554 hrs
Photos 1 of 1
SINGAPORE: All four petrol companies in Singapore - Shell,
Exxon-Mobil, Caltex and Singapore Petroleum Company - have lowered
their pump prices by 4 cents a litre for petrol to reflect current
market conditions.
Before any station discount, the 92-octane unleaded petrol is now
priced at S$2.213 per litre, the 95-octane unleaded at S$2.246 a
litre and the 98-octane grade petrol costs S$2.32 a litre.
The reduction in petrol prices on Wednesday is believed to be lead
by Shell, which cut prices at 11am, followed by Exxon-Mobil at 1pm
and then the other two companies.
There is no change in the diesel price, which stands at
S$2.033.
The petrol companies had last increased pump prices for both petrol
and diesel by 5 cents a litre just four days ago, on July 5.
Oil prices have fallen by about seven per cent since hitting a
record high last Thursday, partly on easing concerns about Middle
East geopolitical tensions.
The London Brent contract hit an all-time peak of US$146.69 and New
York crude struck a record high of US$145.85 last Thursday.
After declining in the past few sessions, oil prices moved up by
about one US dollar a barrel on Wednesday in Asian trading,
following reports that Iran had test-fired missiles that could
reach Israel and US bases in the region.
New York's main oil futures contract, light sweet crude for August
delivery, rose US$1.08 to US$137.12 a barrel. The contract had
tumbled by US$5.33 to close at US$136.04 at the New York Mercantile
Exchange on Tuesday.
Brent North Sea oil for August delivery rose 97 cents to US$137.40
following a plunge of US$5.44 to US$136.43 in London on Tuesday. -
CNA/al
