Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad announced today from Kota Kinabalu, Sabah that the Prime Minister Department has decided that petrol and diesel will be reduced and for petrol RON97 will cost 15 sen less at RM2.30 per litre, while petrol RON92 will be 10 sen cheaper at RM2.20, while diesel will cost 20 sen less at RM2.20 a litre effective midnight.
This is the third reduction since the 41 per cent hike in petrol price to RM2.70 (from RM1.92) on June 5. The price of crude oil has fallen from a high of US$147 to US$83.73 a barrel due to concerns over the global financial crisis.
The oil price adjustments may be decided outside the cabinet to speed up the process and make sure the benefit is passed down to consumers as soon as possible.
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