Esso stations in Singapore cut fuel prices by $0.03

American oil giant ExxonMobil cut pump prices by $0.03 on 11 March 2020, its second reduction since the plunge in crude oil prices on 9 March 2020.

As at 2:00pm on 9 March 2020, petrol at Esso stations were $2.14 a litre for 92-octane, $2.18 for 95-octane and $2.58 for 98.

The price of Esso's 95-octane has fallen to 7.2% lower than its price in mid-January

Diesel is $1.83 per litre. All the rates are before discounts, and are $0.03 lower than most prices posted by its rivals, which are likely to start matching Exxon's cut later today.

With the latest adjustment, Esso's 95-octane - the most popular grade here - is now 7.2% lower than its price in mid-January. Since then, crude oil prices have fallen by more than 40%.

ExxonMobil, the biggest fuel retailer here, said, "The price of crude is just one of the many factors. Besides wholesale prices, the retail prices of products are also influenced by other factors like marketing, storage, land prices, government taxes, currency exchange rates and competitive market forces."