By Tony Ng

Pump prices have been reduced - petrol prices are down by five cents and diesel prices by 10 cents.

The five cents reduction apply for all grades of petrol.

This is the second price cut since Oct 7 - just over a week.

Shell is taking the lead in cutting pump prices - they announced the reductions at 10.30am today. According to a Shell spokesman, this decrease brings the pump prices of petrol to the price level of Oct last year.

Singapore Petroleum Company Limited (SPC) and Caltex have also announced identical cuts in pump prices.

The latest price cuts follow a drop in crude oil prices.