10 May '11, 4am

Singapore pump prices slide following fall in crude oil prices

Petrol and diesel prices tumbled on Monday following a sustained slide in crude oil prices. -- ST PHOTO: NEO XIAOBIN PETROL and diesel prices tumbled on Monday following a sustained slide in crude oil prices. It was the first dip at the pumps after an unrelenting spiral spanning nearly 10 months. Caltex made the first move when it lowered petrol and diesel prices by five cents a litre across the board at 11am. This was followed fairly quickly by Singapore Petroleum Co (SPC), Shell and Esso. Last Friday, crude oil on the New York Mercantile Exchange for June delivery ended at US$97.18 (S$119.75) a barrel after sliding for five days on worries about the state of the US economy. The commodity had been trading above US$100 as recently as two weeks ago. Despite Monday's cut, petrol prices in Singapore remain above the $2-mark. A litre of 98, 95 and 92-octane petrol at SPC now r...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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