Malaysia may cut fuel prices
Malaysia may reduce fuel prices in the weeks ahead if global oil prices continue to fall, a senior finance ministry official said Thursday.
The government hiked petrol prices 41 percent in June to ease the burden of spiralling energy subsidies, but crude oil prices have fallen around 20 dollars from record highs above 147 dollars per barrel hit earlier in July.
The official said "if oil prices remain between 120 dollars a barrel and 125 dollars a barrel for two weeks," then Prime Minister Abdullah Ahmad Badawi could announce a cut in fuel costs in the weeks ahead.
"The cabinet discussed about the fall in oil prices Wednesday. There is a possibility of pump prices coming down in Malaysia," the official told AFP on condition of anonymity.
Abdullah's decision to hike fuel prices sparked angry street protests and triggered calls for the premier to stand down, compounding his woes after disastrous results in March elections.
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