The government today cut fuel prices 15 sen across the board - the fourth time in as many months as global oil prices continue to fall.

petrol price hike reduce from rm 2 30 to rm 2 15 311008 Effective midnight, pump prices of petrol RON97 would be lowered by 15 sen to RM2.15 per litre.

RON92 will be reduced from RM2.20 to RM2.05 per litre, while diesel will also be lowered by 15 sen to RM2.05 per litre as well.

Since hiking prices by 41 percent in June, the government has cut fuel price over the past three months.

In total, pump prices have been slashed by 55 sen since the sharp 78 sen increase in June.

RON97 was RM1.92 per litre in June before the hike.

"Due to the sharp fall in global oil prices, the government has decided to again (cut petrol prices) to hasten the reduction in the retail price of products for the benefit of the public," said Prime Minister Abdullah Ahmad Badawi in a statement today.

Global oil prices dropped by half

According to Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad, the price change is to be made every two weeks and thus the next revision will be on Nov 15.

Met after the Umno supreme council meeting this evening, Shahrir said although crude oil prices have dropped by half to US$62 per barrel, other considerations had to be taken into account when reducing the price.

The minister said the government had stocked up crude oil a month ago when the price was still high and the reduction must be based on the price at the purchasing time.

"It takes about a month to process crude oil to petrol and when the government bought them, the price was not US$62 per barrel so we cannot say the price is this so this is how much you have to reduce it," he said.

petrol and diesel fuel price hike reduction 311008