Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Abdul Samad says it is possible for further reduction of petrol and diesel prices in November 2008 if the average crude oil prices for October 2008 remain below US$104.
Let’s just pray that this happens! The current lower prices are partly due to the failure of the US$700 billion US financial sector bailout to pass through the US House of Representatives voting. The Bush administration is now trying to pass a revised bid and if this goes through, we may see crude oil prices go up again in anticipation of higher demand from the US, who are the biggest consumers of the commodity.
The government dropped a bomb on us on the 5th of June this year by raising RON97 petrol prices from RM1.92 per litre up to RM2.70 per litre. It then reduced prices to RM2.55 in August and RM2.45 in September.