Malaysia cuts fuel costs for fifth time

Reuters
Posted: Monday, Nov 17, 2008 at 1601 hrs IST
Updated: Monday, Nov 17, 2008 at 1601 hrs IST

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Kuala Lumpur, November 17: : Malaysia said on Monday it would cut the cost of fuel for the fifth time, reducing petrol prices by seven per cent and diesel by 7.3 per cent effective Tuesday.

The government said in a statement faxed to state news agency Bernama that the price of petrol would fall to 2.00 ringgit per litre for the RON 97 blend from 2.15 ringgit and that the cost of diesel would fall to 1.90 ringgit per litre from 2.05 ringgit. The price rises come as the cost of oil has fallen to less than $58 a barrel from a peak of $147.27 a barrel in July. Malaysia in June slashed subsidies to rein in government spending and prices rocketed by 41 per cent. Petrol peaked at 2.70 per litre.

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