Petrol Price Reduction Next Week

Akane Soma — Sun, 26 Oct 2008 10:31:23 +0800

Cabinet has given okay for petrol price reduction, says Najib

PEKAN: The Cabinet has given the go-ahead to further reduce petrol pump prices and an announcement may be made within a week.

“We had promised that if the global oil price goes down, the domestic fuel price will reflect the actual market price.

“The Cabinet has already given the mandate to the Economic Council to make the decision,” said Deputy Prime Minister Datuk Seri Najib Tun Razak.

On when the new prices would be announced, he said: “It can be within a week depending on when the meeting (of the Council) is held.”

Najib, who is Finance Minister, was commenting on the continuing fall of oil price which registered US$62 (RM221) per barrel on Friday.

In Johor Baru, Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said the reduction would not be more than 15 sen.

“We do not want a big reduction in prices resulting in huge losses for the petrol station operators.”

Najib said prices of some goods would be reduced in a day or two to reflect declining oil prices and several hypermarkets had agreed to work together with the Government on this.

On whether the global recession would hit Malaysia, Najib said: “Can you wait for Nov 4? I will come up with a complete response (then).”

He is expected to wind up his speech in Parliament on Nov 4, which will include a list of measures to buffer the impact of the current global financial crisis.

On the price of crude palm oil slipping to RM1,500 per tonne recently, he said the income of Felda settlers would definitely be lower.

He said the RM144.44mil productivity incentive bonus that the settlers would get in December would help them through the hard times.

Source: http://thestar.com.my/news/story.asp?file=/2008/10/26/nation/2381323&sec=nation

So what do u guys think? how much more can the government reduce petrol prices? down to RM2.15? RM2.00? or even RM1.92 ??

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Petrol Price Reduction Next Week