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Malaysia plans yet another petrol price cut

 
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October 31, 200

Malaysia plans yet another petrol price cut
The Malaysian cabinet is to discuss a further reduction in petrol prices at its regular weekly meeting on Friday, although any cut may come later, Reuters reported, quoting local dailies Friday.

Speculation in the media is that the price of unleaded gasoline will be cut by a further 15 sen per litre in what would be the fourth reduction since Malaysia slashed subsidies in June.

"Its true that the government intends to reduce the fuel price, but the announcement can be tomorrow, the day after or another two weeks," the Edge daily reported Domestic Trade and Consumer Affairs Minister Shahrir Samad as saying.

Prices were last cut on October 15 by 15 sen to 2.30 ringgit a litre for the RON97 unleaded blend and diesel prices were by 20 sen to 2.20 ringgit per litre.

Since the price of oil peaked at just over $147 a barrel, the price of petrol here has fallen, but not by as much as the drop in oil prices which have fallen to around $66 a barrel.

The government slashed the fuel subsidy so as to stop spending rising out of control. Even so, the budget deficit this year is set to hit 4.8 percent of gross domestic product and the next week, the government is set to revise down its 2009 growth target and looks set to raise its 2009 deficit forecast.

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