|By Christopher Tan|
PUMP prices have fallen yet again.
Foreign oil majors Caltex and Shell on Tuesday made the first move by cutting petrol rates by five cents a litre and diesel by six cents.
A litre of 92, 95 and 98-octane petrol now costs $1.603, $1.636 and $1.71 respectively, before discount.
So-called ultra-premium grades Shell V-Power and Caltex Platinum are now at $1.839 and $1.836 a litre respectively, before discount.
A litre of diesel costs $1.373, also before discount. The latest reduction is the 14th consecutive cut since July. It brought fuel prices to the lowest levels in nearly 20 months, following sharp and sustained falls in crude oil prices.
Oil dipped below US$55 a barrel early on Monday as news of Japan sliding into recession shook business and consumer confidence further.
But the raw material has since risen to US$58 a barrel on news of Somalian pirates hijacking a Saudi-owned tanker off the African east coast.