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Oct 14, 2008, 10:47 GMT

Malaysia cuts fuel prices

Kuala Lumpur - Malaysia announced Tuesday it will cut retail fuel prices for the third time in three months, following a dip in world oil prices. From Wednesday, the retail price of petrol will be reduced by 6 per cent to 2.30 ringgit (0.69 cents) and diesel will be cut by 8 per cent to 2.20 ringgit (0.73 cents), said Prime Minister Abdullah Ahmad Badawi. The price cut was due to a marked drop in world oil prices, Abdullah said in a statement. The reduction in the price of gasoline and diesel is the third in three months, after the government raised pump prices by a whopping 41 per cent for petrol and 63 per cent for diesel in June. The previous soaring rise in price of petrol and diesel was heavily criticised by the opposition and consumer groups after it caused the country to be hit by a decades-high inflation rate of 8.5 per cent in August. Crude oil prices have fallen from a record high of 147 dollars per barrel in July to 82 dollars currently.

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