Price for RON92 petrol falls below $2

Pump rates have headed south again on the back of sliding oil prices, with the cheapest RON92 petrol falling below the $2 level for the first time since 2012, reported The Straits Times.

Esso was the latest to cut its prices, which dropped two cents yesterday morning, bringing the company's petrol and diesel prices in line with the competition.

The most popular RON95 grade petrol is now $2 a litre before discount across all four brands here: Shell, Singapore Petroleum Company (SPC), Caltex and Esso.

The premium RON98 ranges from $2.12 to $2.18 a litre, while Shell's V-Power is still the costliest at $2.43 a litre. Diesel is $1.45 a litre across all the brands.

With the latest changes, pump prices are 14 cents lower than in October, and about 20 cents lower than last year's prices. Even so, they are still 15 percent to 20 percent higher than in 2010, when Brent crude was last at the current level of US$70 (S$91.30) a barrel.