PUMP prices have fallen again, the 12th time since July.
And with the latest cut in prices, a motorist driving a mid-sized car is likely to spend $300 a month filling up - about $90 less than in July.
The round of cuts has pushed petrol and diesel prices to their lowest levels in 15 months.
Caltex and Singapore Petroleum started the ball rolling on Nov 3. A litre of 92-, 95- and 98-octane petrol cost $1.713, $1.746 and $1.82 respectively before discount, while diesel fell to $1.503 a litre.
Caltex Platinum, an ultra-premium petrol, costs $1.946 a litre before discount. The other oil companies are likely to follow suit.
At the moment, 92-, 95- and 98-octane petrol cost $1.653, $1.686 and $1.760 respectively. The price of diesel has also fallen to $1.433. Shell's premium petrol stands at $1.889.
The continuous slide has reversed an upward trek that sent petrol and diesel prices to their all-time highs of $2.36 and $2.033 a litre respectively in July.
The downtrend has followed lower demand worldwide in the wake of the global financial meltdown. Industries have cut back on production and motorists have switched to smaller cars or held back on discretionary travel.
Singapore's fuel consumption for the first six months of this year fell 2.2 per cent to 3.916 million barrels, despite the vehicle population having grown 6.1 per cent to about 875,000 as at June.
Crude oil prices are now hovering at US$69 a barrel, down from a record US$147 in July. Meanwhile, taxi operators will remove their 30-cent fuel surcharge from next week to reflect the substantially lower diesel rates.
The dipping pump prices have started to hit sales of petrol-electric hybrid cars, which had shot up earlier when pump prices were climbing.
Honda agent Kah Motor averaged 61 Civic Hybrids a month in the first half; between July and September, sales shrank by a third to 42 a month despite overall car sales remaining constant. Meanwhile, compressed natural gas (CNG) prices have also fallen.
Starting last Saturday, Smart Energy's Mandai station was charging $1.56 a kg before discount - nine cents lower.
Mr Johnny Harjantho, the company's managing director, said he expects CNG prices to fall further.
Smart Energy will open a new refuelling station in Serangoon North in February.
[Added current pump prices; correct as of Nov 7, 1300hours]
This article was first published in The Straits Times on Nov 4, 2008.
