And the slide continues! Oil prices skidded again on Thursday, with New York crude closing below 70 dollars a barrel for the first time since August 2007 on government news of a surge in US oil stockpiles.

Hellssss Yeah! Pump prices drop again! As of 1230 pm on 16 October 2008, we can confirm that all 4 brands have REDUCED petrol pump prices by 5 cents & diesel pump prices by 10 cents in the following order:

Shell - 10.30am
SPC, ExxonMobil - 11.30am
Caltex - 12noon

Significant changes in prices are reflected in detail and can viewed in the table below.

Prices for crude oil November delivery have fallen 10% to $77.70 a barrel on the New York Mercantile Exchange, Bloomberg has reported. Oil dropped 17% of its value over the past week. All commodities are down amid fears that a global recession is underway. Over $25 trillion has been wiped from global equities in 2008.

Finally! Petrol & diesel prices have dropped for the first time in over 3 weeks. All petrol brands have reduced pump prices by 5 cents. Let’s hope that it continues to fall as crude oil prices dip further!

Editor’s Note: We apologise for the delay of this posting. Most of the team are currently out of town and have limited internet access. We thank our PetrolWatchers once again for sending us alerts.