2007-189p-petrol-price-riseHow do you find living with the RM2.70 fuel price for almost 2 months now? I know I’m complaining! Well, here’s some good news for all of us; Cabinet yesterday discussed the possibility of reducing pump prices of petrol and diesel following the recent drop in world crude oil price.

It was reported that the Cabinet discussed the matter comprehensively. However, no decision was made as to whether the prices would be reduced. The discussion was held in view of the dropping world fuel prices over the past few days.

The pump price for petrol went up by 78 sen to RM2.70 per litre and diesel by RM1 to RM2.58 a litre following a cut in the fuel subsidy in June. This was due to the world oil price that was hovering around US$140 (RM457.80) a barrel. At its height, it hit US$147 but has recently, especially over the past week, been dropping, to US$122 yesterday.

“What we don’t want is for the prices to go down for a day or two, only to spike again later”, Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said fuel pump prices would only go down if crude oil prices remained low for a SUSTAINED period.

Fingers crossed…