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.
-- BERNAMA
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