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Cut in pump prices..
http://www.straitstimes.com/Breaking...ry_435406.html
Sep 28, 2009
7-cent cut in pump prices
OIL companies on Monday cut pump prices here for the second time this month, as crude prices remain soft.
The latest reduction of seven cents a litre across the board, comes three weeks after a similar six-cent cut.
A litre of 92, 95 and 98-octane petrol now costs $1.667, $1.717 and $1.85 before discount. Diesel is now $1.193 a litre, also before discount.
Before this month's cuts, pump prices have been climbing. In Augst, at least one grade of petrol returned to the pre-economic crisis high of $2 a litre, albeit briefly.
The downtrend comes on the back of softer crude oil prices. Crude oil for November delivery is now just above US$65 a barrel on the New York Mercantile Exchange. Last week, it rose to as high as US$72.
'I'm not surprised,' said oil industry consultant Mr Ong Eng Tong. 'A US$1 drop in crude translates roughly to a one-cent drop in pump prices here - that's the rule of thumb.'
Crude was US$68 when pump prices were cut by six cents a litre three weeks ago, and was previously hovering at a 10-month high of US$74.
Sep 28, 2009
7-cent cut in pump prices
OIL companies on Monday cut pump prices here for the second time this month, as crude prices remain soft.
The latest reduction of seven cents a litre across the board, comes three weeks after a similar six-cent cut.
A litre of 92, 95 and 98-octane petrol now costs $1.667, $1.717 and $1.85 before discount. Diesel is now $1.193 a litre, also before discount.
Before this month's cuts, pump prices have been climbing. In Augst, at least one grade of petrol returned to the pre-economic crisis high of $2 a litre, albeit briefly.
The downtrend comes on the back of softer crude oil prices. Crude oil for November delivery is now just above US$65 a barrel on the New York Mercantile Exchange. Last week, it rose to as high as US$72.
'I'm not surprised,' said oil industry consultant Mr Ong Eng Tong. 'A US$1 drop in crude translates roughly to a one-cent drop in pump prices here - that's the rule of thumb.'
Crude was US$68 when pump prices were cut by six cents a litre three weeks ago, and was previously hovering at a 10-month high of US$74.
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