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With the recent shocking announcement that fuel subsidies for both RON 95 and diesel will end in December 2014, we could see a slight reduction in pump prices come next week, says Ministry of Domestic Trade, Cooperatives and Consumerism (KPDNKK) secretary-general Datuk Seri Alias Ahmad said yesterday.

“I did not say it would fall, but if we follow the trend, it would. We have seen between three and four sen fall in the pump price now,” he was quoted as saying in a report by Malay Mail. That may not sound like much, but after rounds and rounds of price hikes, every little bit would help.

The price of crude oil – which will now directly affect the pump prices of RON 95 and diesel in Malaysia – is currently at its lowest point since August 2010, falling to just over US$70 per barrel as of today. If this trend continues, we are likely to see more price drops in the following months.