The government has cut petrol and diesel prices by 10 sen each to RM2.45 and RM2.40 per litre effective from tomorrow, according to Prime Minister Abdullah Ahmad Badawi.
The cut is the second in two months after hiking pump prices by as much as 78 cents in June. The hike had gone down badly with the public, sparking an outcry and even street protests.
Abdullah said in a statement the price of RON97 will be lowered by 10 sen to RM2.45 per litre, RON92 by 10 sen to RM2.30, while diesel would also be reduced by 10 sen to RM2.40 per litre.
The prime minister said the recent fall in world oil prices plus the weakening of the ringgit gave the government a window of opportunity to lower local pump prices.
Reductions in time for Hari Raya
With Hari Raya imminent, he hoped the reduction would help to lighten the burden of consumers and travellers who traditionally spend more during the festive season.
"Based on the formula we have prescribed in determing retail pump prices, the reduction of 10 sen is the best that we can give," Abdullah said.
Abdullah had previously said if world crude prices stabilised at US$109 per barrel, the government may consider another 15 cents reduction in price.
The government last month lowered pump prices by 15 sen or 5.6 percent to RM2.55 per litre.
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