Fuel GaugeWe could be looking at another reduction in petrol prices after this Wednesday’s cabinet meeting where fuel prices and the possibility of a reduction will be discussed, according to Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Samad.

Datuk Shahrir previously said fuel prices could drop before Hari Raya Aidilfiltri so we can “celebrate Hari Raya happier.”

Crude Oil ChartThe last reduction in fuel prices was on the 23rd of August 2008 from RM2.70 per litre to RM2.55 per litre for RON97 fuel.

According to the NYMEX, crude oil is currently US$102.73 per barrel. A few days ago it was less than US$100 per barrel. Do you think RM2.30 per litre is possible? Will it make a difference?