Business News

Sep 24, 2008, 11:03 GMT

Malaysia cuts fuel prices for second time in two months

Kuala Lumpur - Malaysia announced Wednesday it will cut retail fuel prices for the second time in two months to ease soaring inflation. From Thursday, the retail prices of petrol and diesel will be reduced by 4 per cent to 2.45 ringgit (0.74 cents) and 2.40 ringgit (0.73 cents) a liter respectively, said Prime Minister Abdullah Ahmad Badawi. Abdullah said the reduction, which comes ahead of the Muslim festival of Eid al-Fitr, would hopefully ease the burden of the people who have been hit by a decades-high inflation rate of 8.5 per cent in August. 'The government is aware that many will be making long trips back to their home towns to celebrate the festival,' he was quoted as saying by the official Bernama news agency. 'Hence, it is our hope that this price reduction will ease the burdens of the people, especially in celebrating (Eid al-Fitr),' said Abdullah. The religious festival is celebrated by the country's majority ethnic Malay Muslims, who make up 60 per cent of Malaysia's 27 million people. With the reduction, the government is giving a public subsidy of 33 sen (9.7 cents) per liter on gasoline. This is the second price cut since the government hiked petrol prices by a whopping 41 per cent and diesel by 63 per cent in early June to offset a high subsidy bill.

And Also

The Decade: Film's 10 Best Music Moments In The Aughts

The Decade: Film's 10 Best Music Moments In The Aughts - Cinema Blend
GASP: Goldstriker creates world's most expensive iPhone - The Tech Herald
Believe It or Not? Here Are the Week's Hottest Headlines - PopEater
Chris Rock interview, Sons of Anarchy and Woody Allen shout out for 'Madagascar' star

Your Talkback on this Story

Similar articles

Malaysia cuts fuel prices
Malaysia cuts fuel prices to ease inflation
Foreigners to pay market price for petrol in Malaysia
Hundreds protest massive hike in Malaysian petrol price (Roundup)
Hundreds protest massive hike in Malaysian petrol price Edd:Changes headline, recasts (1st Lead)

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Latest Pics

From Sites we Like

The majority of working mothers say they would prefer to work part-time. Only 21 percent of working fathers would. The War on Fatherhood continues [Obvious]
The world's tallest model stands at 7 feet tall. With 'you'd hit it if you were tall enough' pics [Interesting]
Goth leather pagan robs bank, gives the money away, turns himself in. Ta-WTF? [Strange]

More Not News from Fark

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint