Saturday, August 23, 2008

Petrol Prices Cut by 15 cents 10 Days Early

This is an amazing change!

The petrol prices came down by 15 Cents today, which is a 10 days earlier than what the Govt was supposedly to do. The last we read was that petrol prices will only be reviewed by September!!

Decision driven politically (Permatang Pauh Elections)?

Govt claim its not!

But honestly even if the Petrol Prices decrease, how would that effect the elections at Permatang Pauh? So why did the prices drop? Let's wait and see the news next week.


Meanwhile, read more from the article below ....

The prices of diesel and petrol have been reduced by between eight and 22 sen a litre from today, 10 days earlier than expected.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said RON97 petrol now costs RM2.55 a litre, a drop of 15 sen from RM2.70 a litre while the price of RON92 went down by 22 sen to RM2.40 a litre.

A petrol station in Petaling Jaya is almost empty as customers delayed fuelling up their vehicles during the few hours before petrol and diesel prices went down at midnight yesterday. Similar scenes were repeated throughout the country. — SHAARI CHEMAT / The Star

Diesel will cost eight sen less at RM2.50 a litre.

Abdullah said in a statement yesterday the Cabinet decided to bring forward the “floating” price mechanism for fuel after considering the drop in global oil prices over the past few weeks as well as higher inflation in July.

He hoped the reduced fuel prices would lighten the people’s burden and ease the inflationary pressure on the lower and middle-income groups.

The new prices were set after considering fuel prices between Aug 1 and Aug 21, and in view of the Government’s decision to set the subsidy at 30 sen a litre for RON97 and RON92, and 50 sen a litre for diesel.

On June 4, the Government announced a 78-sen increase in petrol to RM2.70 a litre and a RM1 increase in diesel to RM2.58 a litre, stating that it could no longer continue to subsidise fuel.

On Aug 1, Abdullah said the petrol price would be reviewed monthly from Sept 1 based on the average global market price and the subsidy will be fixed at 30 sen a litre.

Valuable fibre: Symphony Advance Sdn Bhd technical director Burhanuddin Ahmad (left) showing Abdullah some kenaf fibre at the centre in Bachok yesterday.

He gave an assurance that the petrol price would not exceed RM2.70 a litre for this year, even if the global market price went up.

In Bachok later, Abdullah said the decision to lower the retail petrol and diesel prices was made as the Government wanted the people to benefit from the current global market depreciation of crude oil prices.

Apart from that, the Government also wanted to rein in inflation as the Consumer Price Index (CPI) shot up to 8.5% last month compared to a year ago.

“There is a possibility that the prices may go up so it would be a waste if we do not lower our prices now. This is to take advantage of the current lower global prices,” he said after opening a kenaf plant centre.

Abdullah said if there was a need to increase the fuel price again this year, the Government would cap it at RM2.70.

“We did it for the entire country and not just for the folks in Permatang Pauh,” he said.

Abdullah also expects the prices of goods to fall.

In PUTRAJAYA, Domestic Trade and Consumer Affairs Minister Datuk Shahrir Samad said the Government’s decision to lower fuel prices earlier than expected was due to the rising inflation rate and not because it wanted to win the votes of the Permatang Pauh constituents.

“Permatang Pauh is not going to change the Government but reviewing the prices is something that we had planned earlier,” he told a press conference.

“It is a strong indicator of the burden that the rakyat is forced to bear. There is nothing wrong for us to pass the benefit of lower fuel prices to the consumers and it is the duty of a responsible government to do so,” Shahrir added.



News Source

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