Falling pump prices over the last three weeks have given many Singaporeans reason to cheer.

The 10-cents cut in the price of petrol on Tuesday - the fifth consecutive drop this month - was the biggest decrease in five years.

So, is it finally time for car owners to bring out the champagne? Well, not necessarily.

To put things in perspective, petrol prices are still 30 per cent higher than at the beginning of last year. And, if you happen to drive a taxi, diesel prices are 48 per cent up.

Global crude oil prices, which have fallen to US$124 ($170) a barrel, look cheap only because of record highs of US$147 earlier.

If you recall, the price was only US$60 in January last year.

If something about the global economy has changed to make oil permanently more expensive, Singaporeans might have to make long-term adjustments to their lifestyles too.

For some, it might mean switching to public transport.

For others, it could mean avoiding big cars, and buying smaller cars which use less fuel.

And if you insist on maintaining your pre-oil-price-hike driving habits, reality might catch up with you soon enough - and you will just have to make other sacrifices.

For instance, you may have to settle for fewer movies each month. Or spend less on dining in fine restaurants. Or even think of retiring later.

The quicker we adjust our expectations to this new state of affairs, the more at ease we will be when we observe oil prices stabilising at a new, but higher-than-1990s, level.

Then, perhaps, it might be time to uncork the champagne.