KUALA LUMPUR, 14 Aug 2008: The government is hopeful that it will be able to reduce pump prices of petrol and diesel following the decline in the crude oil price in the world market, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.
“At this time, the price of crude oil in the world market has fallen, so hopefully, we can reduce the fuel pump prices. How much depends on the reduction of the market price,” he said.
In June this year, the government increased the price of petrol by 78 sen to RM2.70 and diesel by RM1 to RM2.58, following the skyrocketing price of crude oil in the world market.
“We are weighing all the possibilities. We have said previously that we would review the prices on a monthly basis and we will make the appropriate announcement on 1 Sept. It will be based on the average of world oil prices taken for the whole month of August,” Abdullah said.
“The more the price of crude oil in the world market goes down, the better. We will also maintain the 30 sen subsidy that we had announced earlier,” he added. – Bernama