Abdullah said Malaysians will enjoy substantially reduced pump prices come September 1. But don’t be over joy yet cause this is the same man who promised not to raise the fuel prices before, then raise it up without any sense of guilt!
“It looks like the price of oil is coming down, hence the hope of reducing the price of petrol, God willing,” he told the press here.
Beginning next month – government will pegged the retail prices to the word prices. Not that it is bad – as business owners do you like such uncertainty? Perhaps he should have consulted Dr. Mahathir to devise a better pegging mechanism.
Many Asean countries have reduced their pump prices in keeping with the fall in global crude oil prices. Singapore for example had reduced it pump prices thrice last month – but we waited till September simply because Abdullah thought it would be wiser sticking to the formula that had been decided on.
“Every end of the month is the time that we will decide on the price of petrol, as I have said before,” he said.
Asked if the price of petrol would go down below the current rate of RM2.70, Abdullah said he could not say how much the price would go down.
“God willing, there will be a reduction but once again this depends on world oil prices falling or reaching a lower level and not going up again.”
On June 11, the government said the price would not be set higher than RM2.70 this year.