The Malaysian Insider | May 24, 2011

SINGAPORE, May 24 — Pump prices for petrol and diesel fell for the second time in as many weeks as simmering worries about the global economy weighed on oil prices.
US oil giant Caltex made the first move when it lowered pump prices by three cents a litre across the board at 6pm yesterday, the Straits Times daily reported today.

The island republic’s Singapore Petroleum Co (SPC) matched the reduction at 7pm, followed by Anglo-Dutch giant Shell at 9pm.

Esso — the largest retailer here — was the last to react, lowering prices at 10 this morning.

After the adjustment, 95 and 92-octane petrols at SPC and Caltex are S$2.04 (RM4.90) and S$1.99 a litre respectively. SPC’s 98 is S$2.09 while Caltex’s 98 — which it pegs against Shells’ V-Power — is S$2.175 a litre.

Straits Times said Shell fuels remained the costliest. Its 95 and 98-octane petrols are S$2.045 and S$2.095 a litre respectively, while its V-Power is S$2.304. It does not sell 92-octane.

Diesel at SPC and Caltex is S$1.60 a litre, while the fuel at Shell is S$1.603 a litre.

All rates are before station discounts, the paper said.

Crude oil ended lower yesterday as weaker economic data emerged from China and the European debt crisis received renewed attention.

Light, sweet crude for July delivery closed US$2.40 lower — at US$97.70 a barrel — on the New York Mercantile Exchange. Brent crude ended US$2.46 lower at US$109.93 a barrel, but crept up to US$110.69 a barrel in early trading today.