Monday July 28, 2008

Singapore petrol prices drop by 10 cents, largest in rapid succession of cuts

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com :

In the largest cut to date, pump prices of petrol and diesel have been adjusted down by 10 cents. As of 10am Monday [28 Jul 2008], stations run by SPC, Shell and Caltex had their pump prices down to S$2.110 for RON98 and S$2.036 and S$2.003 for RON95 and RON92 petrol respectively. With on-site discounts, this brings the mid-range 95 unleaded petrol below the two dollar mark for the first time in months. Diesel is now priced at S$1.863 per litre. Crude oil futures are holding steady and hovering at a seven-week low of about US$123 a barrel, despite talk over the weekend that the price of oil could drop to between US$70 and US$80.

- Enjoy the lower prices whilst stocks last. NYMEX crude oil prices seem to be firming up just a bit above $120 support. We haven't seen a drop yet to $110 or $100 and people are already talking about $70 and $80. It is a rather interesting sign, from a contrarian point of view.

See also :

1. Singapore petrol prices lowered 4 cents after crude oil drop
2. Singapore petrol prices down another 4 cents on lower crude oil prices
3. Singapore petrol prices drop 4 cents for third time in 2 weeks

(2008-07-28 23:07:20 SGT) [Energy] Permalink

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