(Yahoo News) - In the largest cut to date, pump prices of petrol and diesel have been adjusted down by 10 cents.
As of 10am Monday, stations run by SPC, Shell and Caltex had their pump prices down to S$2.110 for premium unleaded and S$2.036 and S$2.003 for 95 unleaded and 92 unleaded petrol respectively.
With on—site discounts, this brings the mid—range 95 unleaded petrol below the two dollar mark for the first time in months.
As for diesel, it is now priced at S$1.863 per litre.
Crude oil futures are holding steady and hovering at a seven—week low of about US$123 a barrel, despite talk over the weekend that the price of oil could drop to between US$70 and US$80 a barrel in global trade.
OPEC chief Chakib Khelil said on Saturday that the price of oil could drop if the dollar strengthens and concerns over Iran are reduced.
At Friday’s close of trade, oil was around US$125 a barrel in London and New York.
Analysts say oil prices are down as demand is sagging amid slowing economies and fresh signs of rising supply.
After spiralling up from the last weeks of June, crude oil prices have dropped by nearly US$25 on both sides of the Atlantic in less than two weeks.