Yesterday, all four petrol companies in Singapore - Shell, Exxon-Mobil, Caltex and Singapore Petroleum Company - reduced their pump prices by 4 cents a liter for petrol. Diesel price remained unchanged at S$2.033/litre.
The new pump prices, without discounts, are S$2.213/liter for the 92-octane unleaded petrol, S$2.246/liter for the 95- octane unleaded, and S$2.32/litre for the 98-octane grade petrol.
Currently, Malaysia retails petrol at RM2.70/litre and diesel at RM2.50/litre.
Last Saturday, petrol companies in Singapore had just increased pump prices for both petrol and diesel by 5 cents a liter.Incidentally, oil prices have fallen by about 7% since hitting a record high last Thursday. Oil prices fell to US$136 per barrel on Tuesday. (See Crude Oil price chart on this blog)
Will Malaysia defy the law of gravity, that what goes up must come down, and reduce the fuel burden on Joe Public?
Someone said we won't be that elastic and flexible as we are no longer the leading rubber producer a long, long time ago.
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