Shell Singapore has once again taken the lead in decreasing pump prices in the city state.

This is the third price cut in three weeks with diesel and petrol pump prices falling by 5 cents and the Formula 98 price dropping back to September 2007 levels.

In addition to lower prices across the board, Shell customers will also receive a 5 per cent direct discount.

Oil company Caltex has also announced a similar 5 cent decrease across the board.

Its ultra-premium fuel Caltex Platinum is now selling at $1.996.

Crude oil futures plunged to a 16-moth low of US$66.75 a barrel on Wednesday, with prices now below August 2005 Hurricane Katrina levels.