SINGAPORE - American oil giant ExxonMobil cut pump prices by three cents on Wednesday afternoon (March 11), its second reduction since Monday's plunge in crude oil prices.

As at 2pm, petrol at Esso stations are $2.14 a litre for 92-octane, $2.18 for 95-octane and $2.58 for 98. Diesel is $1.83 per litre. All the rates are before discounts, and are three cents 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 per cent lower than its price in mid-January. Since then, crude oil prices have fallen by more than 40 per cent.

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."