Malaysia cuts fuel price by 6.5pc

Published November 1, 2008

KUALA LUMPUR, Oct 31: Malaysia cut petrol prices by 6.5 per cent on Friday, bringing pump prices down to 2.15 ringgit (0.60 dollars) per litre amid easing global crude oil prices.

Prime Minister Abdullah Ahmad Badawi said the 15 sen price cut would be effective Saturday. The price of diesel was also cut by 15 sen to 2.05 ringgit a litre.

“Global crude oil prices have fallen steadily recently. The government made this decision to help expedite a reduction in prices of food and other goods,” he said in a statement.

It is the fourth fuel price cut the government has announced since June’s steep price hike of 41 per cent on the back of soaring crude costs which sparked angry street protests and calls for Abdullah to resign. The price of diesel was also raised by 63 per cent in June. The government last cut fuel prices by 15 sen two weeks ago.

The prime minister had said prices would be reviewed periodically based on the cost of oil.

June’s hike saw inflation soar, with the August price index reaching a 26-year high of 8.5 per cent, driven by the escalating cost of food and transportation.—AFP

Opinion

Editorial

Counterterrorism plan
Updated 23 Nov, 2024

Counterterrorism plan

Lacunae in our counterterrorism efforts need to be plugged quickly.
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
Updated 23 Nov, 2024

Political misstep

To drag a critical ally like Saudi Arabia into unfounded conspiracies is detrimental to Pakistan’s foreign policy.
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...