Tuesday, December 2, 2008

Petrol prices cut: RM1.90 per litre wef Wednesday

Malaysia on Tuesday cut petrol prices by 5.0 percent, bringing pump prices down to 1.90 ringgit (0.52 dollars) per litre amid easing global crude prices.

Prime Minister Abdullah Ahmad Badawi said said the 10 sen cut would be effective Wednesday with diesel also reduced by 10 sen to 1.80 ringgit per litre.

"As the price of oil has visibly dropped, the government has again made a decision to reduce retail prices so that the public can benefit," he said in a statement.

It is the sixth 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, by 15 sen, was just over two weeks ago.

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 at 7.6 percent in October as fuel prices dropped. -- Agence France-Presse - 12/2/2008 9:37 AM GMT

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