Petrol prices cut by 15 sen per litre
Posted By Saimatkong on Oct 31, 2008 | 0 comments
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It’s confirmed that we will be having cheaper fuel price. This proof that what I’ve been waiting for is not wasted =)
Another cut is expected on Nov 15… woot!!
PUTRAJAYA: Petrol and diesel prices will go down 15 sen a litre from 12.01am on Saturday – the fourth reduction since August.
The new price of a litre of RON97 will be RM2.15 from RM2.30; RON92 will be RM2.05 from RM2.20; and diesel will be RM2.05 from RM2.20.
The prices will be reduced so that the people could enjoy the benefit of the recent drastic drop in global fuel prices, said Prime Minister Datuk Abdullah Ahmad Badawi in a statement on Friday.
The Star reported on Friday that petrol price will go down by 15sen and that petrol dealers expect another round of price cuts on Nov 15.
Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said that if the world crude oil price continued to drop at the present rate, local pump prices would likely revert to the pre-June price of RM1.92 per litre.
Shahrir, who said the average world crude oil price for October was US$76.40 (RM267.40) per barrel, said the average for November might go below US$70.
“So (if this happens) the price of petrol at the retail level will probably go back to RM1.92 per litre,” he said.
As a cap has been placed on a price of RM1.92 per litre, he said that if the world crude oil price goes down even lower than that, the Government could end its fuel subsidy and use the money for other purposes.
For this year up to September, the Government spent RM16.8bil on fuel subsidy and RM2.5bil on rebates for motorists and motorcyclists.
“That means there is a likelihood that we will spend RM19bil to RM20bil on fuel subsidy for the whole year,” Shahrir said.
Shahrir hoped petrol station owners would accept the price reduction and accept any loss as part of business.
He pointed out that the Government had always been fair to the station owners, including helping them reduce operating costs by reverting to self-service, cutting on the number of staff, not forcing them to open for 24 hours as well as increasing their margin from 9.5 sen to 12 sen per litre in June.
Source : TheStar
