Monday, December 15, 2008

Petrol prices cut: RM1.80 per litre wef Tuesday

Malaysia on Monday cut petrol prices by 5.26 percent, bringing pump prices down to 1.80 ringgit (0.51 dollars) per litre amid weak global crude prices.

Prime Minister Abdullah Ahmad Badawi said the 10 sen cut would be effective Tuesday with diesel also reduced by 10 sen to 1.70 ringgit per litre.

"The reduction in the retail price of petrol and diesel by 10 sen a litre is in line with fall in crude oil prices," he said in a statement.

It is the seventh fuel price cut the government has announced since June's 41 percent hike on the back of soaring crude costs, which sparked angry street protests and calls for the premier to resign.

The last cut, also by 10 sen, was on December 2.

June's hike saw inflation soar, with the August price index reaching a 26-year high of 8.5 percent, also driven by the escalating cost of food and transportation.
Inflation has since eased to 7.6 percent in October as fuel prices dropped. -- Agence France-Presse - 12/15/2008 10:12 AM GMT

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