We have a vision for tomorrow…just believe..just believe..(c’mon sing along..you know the lyrics!)

Well, if this week is anything to go by, I would like to see this vision come true. We’ve had a hat trick of fuel discounts - First the 2 price reductions on 6 Aug 08 and now a 3rd discount just for the NDP weekend.

That’s right! The folks at SPC are offering an additional 3% discount for SPC & U members from 8 - 10 Aug 08. This means, you could possibly be saving up to 16% (Tier 4) and 13% (Tier 1) if you have a POSB Everyday credit card.

We have a hope for Singapore…We can acheive…We can achieve…

Crude oil fell for the third consecutive day to $118 a barrel in New York, according to a Bloomberg report. Crude oil for September delivery fell 0.9%, or $1.07, to $118.10 on electronic trading, as analysts predict further falls due to contracting demand from Europe and the US.

It seems that the 3% discount which DBS credit card holders used to enjoy at SPC had expired on 31 July 2008. We spoke to DBS today but was unable to get a definite response on whether the promotion would return in the near future.

Editor’s note: It seems that the 3% discount for all DBS credit card holders which has been extended to 31 Oct 2008 is not applicable for DBS Esso MasterCard and POSB Everyday Card.

Is it really happening? Petrol prices are diving and slowly dropping below the $2 per litre mark. As of 5 pm on 6 August 2008, we can confirm that all 4 brands have REDUCED petrol pump prices for all grades by 4 cents & diesel pump prices by 6 cents in the following order:

Shell - 2pm
SPC - 2.45pm
ExxonMobil - 4.30pm
Caltex - 5pm

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

Well, looks like good things are coming ahead. ExxonMobil has further reduced pump prices for petrol and diesel by 1 cent.

Earlier today, Shell & SPC also reduced prices. We expect Caltex to follow soon enough!

Pinch me silly or am I just dreaming? Well, apparently not!! Petrol & diesel pump prices have made a second reduction today by 1 cent.

So far, SHELL and SPC have reduced petrol and diesel prices by a total of 4 & 6 cents respectively today.

Petrol and diesel pump prices have dropped by 3 and 5 cents respectively in the following order:

- 10.30am: Caltex & ExxonMobil
- 11.00am: SPC

Unfortunately, Shell has not moved!

Crude oil prices fell to a three month low as weather forecasters predicted that a storm in the Gulf of Mexico would miss offshore production facilities, according to Bloomberg. Crude oil fell $3.69 to end at $121.41 a barrel in New York, the lowest close since 5 May.

The price of oil rose $4.58 yesterday, its biggest rise since early July, closing at $126.77 a barrel. Overall, the price of oil has dropped 9.4% this month, its biggest fall since September 2006. A report by Goldman Sachs predicting that oil prices will hit $149 a barrel helped fuel yesterday’s rally.

Let’s hope this spike is an abnomally and pray that prices go down soon. This month’s 9.4% overall drop could be our silver lining yet.

Oil fell to the lowest price since May 08 yesterday, losing over $4 to reach $120.42. Analysts put the fall in price, despite a loss of production from Nigeria, down to weakening demand and a stronger dollar. Opec President Chakib Khelil said that he expected prices to eventually retreat to $80 or $70 but advised producers not to cut supply.