As indicated earlier this month by Minister of Domestic Trade and Consumer Affairs Datuk Shahrir Abdul Samad, a cut in fuel prices have been announced effective from tomorrow, but despite a big fall in crude oil prices worldwide, the reduction for all three fuel types is a maximum of 15 sen a litre.
According to the government, this is supposedly to help the petrol dealers cope with losses of existing fuel stock. However Shahrir noted that there are some in the government who prefer more significant cuts at one go. I reckon if crude oil prices continue to remain low, the next revision of prices that is likely to happen on the 15th of November 2008 will another maximum drop of 15 sen until it reaches a proper low price according to market rates.
The following are the new prices of fuel in Malaysia slashed by 15 sen each effective tomorrow, the 1st of November 2008:
|Fuel||Old Price||Reduction||New Price|