Friday, October 10, 2008

Decision On Further Oil Price Cut By End Of The Month - Shahrir

JOHOR BAHARU, Oct 5 (Bernama) -- The decision on a further reduction of oil prices can only be made after the last cabinet meeting for the month of October said Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad.

"For the past three days, the price of crude oil has been traded below US$100 (RM340) a barrel and if the price remains low by end of the month, we will reduce the price of oil further," he told reporters after hosting a Hari Raya open house at the Kampung Melayu Majidee Community Hall here Sunday.

He added that the drop in crude oil price in the global market was a good sign for the revival of economy in the country.

On June 4, petrol and diesel prices were raised from RM1.92 to RM2.70 and RM1.58 to RM2.58 per litre respectively but on Aug 23, the government reduced the price of petrol by 15 sen per litre and diesel by 8 sen per litre when oil prices began to ease.

Following a drop in crude oil prices globally, the government had on Sept 24 announced a further reduction of 10 sen from the initial price of petrol (RM2.55) and diesel (RM2.50).

The announcement saw RON 97 petrol being sold at RM2.45 per litre, RON 92 RM2.30 per litre and diesel at RM2.40 a litre.


Extracting Fuel From Waste Plastic Products?

KUCHING, Oct 3 (Bernama) -- Can we extract fuel from waste plastic products? It is "possible" according to Deputy Minister of Science, Technology and Innovation (MOSTI) Fadillah Yusof Friday.

He said a Sarawak-based company was carrying out a pilot project to extract fuel from plastic waste products, which have been always treated as a threat to the environment.

He said the company, owned by a former employee of Petronas from Miri, had set up a plant in Shah Alam, Selangor to extract fuel from the waste products.

"The ministry will fund the research and development (R&D) works, under the MOSTI e-Techno Fund if the pilot project proves successful in a year's time."Then, they will roll it out and venture with industry people to commercialise it," he told reporters at his Hari Raya open house in Petra Jaya here.

He added that the company had submitted an application for RM10 million to MOSTI e-Techno Fund, a competitive funding to undertake development of new and cutting edge technologies with commercial potential and to create new business and generate economic wealth for Malaysia.

Fadillah said the ministry welcomed the pilot project, as it will help save the environment and tackle better the use of non biodegradable plastic.

A company from Germany is expected to supply the Sarawak-based company waste plastic products for the purpose of extraction.

Plastic is prepared from petroleum products through polymerisation process.

Fuel is said to be extracted from plastic items through a depolymerisation process using a specially developed reactor.


Fuel Retail Price Can Only Be Reduced If World Crude Oil Price Falls Below US$104 A Barrel

KUALA LUMPUR, Oct 1 (Bernama) -- The local retail price of fuel can only be reduced if the average world crude oil price for October falls below US$104 a barrel, Domestic Trade and onsumer Affairs Minister Datuk Shahrir Abdul Samad said.

"It depends on the world fuel price. The downward trend has to be continuous and the average price must be below US$104 a barrel," he said when asked whether the governemnt proposed to further reduce the retail price of petrol.

He was speaking to reporters at the Aidilfitri Open House of the prime minister and Muslim cabinet ministers at the Putra World Trade Centre here.

On Sept 24 the government announced a 10 sen reduction in the fuel price to RM2.45 and RM2.40 a litre respectively for petrol and diesel.

On rumours that petrol stations in the city were facing a shortage of supply, he said the fuel supply depended on the station operators.

"Oil is a controlled item. So they (station operators) must be careful when talking about a fuel shortage or about not getting adequate supply.We will investigate to find out who is involved," he said.