Wednesday September 17, 2008

Singapore petrol prices down for 7th time since Jul 2008

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com :

Singapore petrol pump prices have gone down again, this time by 5 cents per litre across all grades. RON98 petrol now costs $2.02 before discount, RON95 is now $1.946 and RON92 is going for $1.913. Shell took the lead in reducing pump prices on Friday [12 Sep 2008], followed closely by Caltex, Singapore Petroleum Company [SPC] and ExxonMobil [Esso]. It is the seventh time pump prices have been cut since early July.

- One could almost get used to falling petrol prices, as crude oil prices are being driven downward by a strengthening US dollar in the past couple of months amidst reports of weak economies and rumours of demand destruction, which then follow through the supply chain and end up as lower prices for motorists.

Drivers, rejoice while it lasts. The US Dollar has finally hit a wall of resistance and is now looking for a trend reversal that takes it back on a downward track. NYMEX crude oil prices have hit a bottom around the $90 support level and barring a global economic collapse scenario, should be recovering soon and headed back up to test the $100 resistance level once more.

See also :

1. Singapore petrol prices down another 4 cents on lower crude oil prices
2. Singapore petrol prices drop 4 cents for third time in 2 weeks
3. Singapore petrol prices drop by 10 cents, largest in rapid succession of cuts
4. Singapore petrol prices lowered by 4 cents after NYMEX crude oil drops below $120

(2008-09-17 11:02:04 SGT) [Energy] Permalink

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