A new report by the US government says global oil demand will slow this year and next as worldwide GDP growth declines, marking the first time consumption has contracted for two consecutive years since the early 1980s.

The US Energy Information Administration report said oil consumption will fall by 50,000 barrels per day in 2008 and 450,000 barrels per day next year. The lower forecast came as the EIA revised down its projection for 2009 global GDP growth to 0.5% next year, down from 2.7% in 2008, reported Reuters.

Pump prices drop again! However, this time it does not apply to all brands.  As of 1500 hrs on 3 Nov 2008, we can confirm that Caltex, ExxonMobil and SPC have REDUCED petrol & diesel pump prices for all grades by 5 cents in the following order:

Shell - N.A
ExxonMobil - 1200hrs
SPC, Caltex - 1300hrs

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

Yes! Yes! Yes! Pump prices drop again! As of 8 pm on 12 September 2008, we can confirm that all 4 brands have REDUCED petrol & diesel pump prices by 5 cents in the following order:

Shell - 5.30pm
Caltex - 6.30pm
SPC - 7.00pm
ExxonMobil - 7.30pm

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