WHAT goes up must come down. But that hasn't happened with pump prices here yet.

On Wednesday, oil companies raised petrol and diesel prices for the umpteenth time since July, pushing all but one grade of petrol above the $2 level.

Prices increased by five cents a litre, except for Shell V-Power petrol, which rose by three cents a litre.

Before discount, 98-octane petrol is $2.08 a litre, 95-octane is $2.006 and 92-octane is $1.973.

Shell's V-Power is $2.229 a litre, while Caltex's equivalent is $2.246. Diesel is now $1.523 a litre.

All the prices are at record levels after the increase, which came just three weeks after the last round of adjustments.

The high pump prices will have an immediate impact on the cost of mobility and business.

Based on the national monthly average mileage of 1,600km, a motorist with a two-litre Japanese car using 95-octane petrol needs to spend $60 more a month on fuel today than the beginning of the year.

Cabby Tony Pang, 58, said: 'Two years ago, a full tank of diesel cost around $13. Now, it is nearly $30.''

He said that has reduced his take-home income by at least 20 per cent.

Oil industry consultant, Mr Ong Eng Tong, said it is 'difficult to say' whether there will be any respite ahead.

'Opec is due to meet, and member states are likely to agree to increase production,' he said. 'But if the winter in America becomes bitterly cold, prices might go up again.'

He also blames speculative trading for the high prices of oil, as "there is no shortage of crude".