New Petrol Prices Set @ RM2.70/Litre
A breaking news article on News Straits Times Online (NST Online) states that as of midnight tonight (06 June 2008) a litre of petrol in Malaysia will be sold at RM2.70.
BREAKING NEWS: Petrol will be RM2.70 a litre at midnight tonight
The new price of petrol is RM2.70 per litre beginning midnight tonight, it was announced a moment ago by Domestic Trade and Consumer Affairs Minister Datuk Shahrir Samad. Diesel will go up by RM1 per litre while the price for ULG 92 per litre went up by 74 sen. The 78 sen hike or 40 per cent increase for the ULG 97 petrol is still below the antiticpated RM4 per litre price projected earlier and among the cheapest in Asia.
- NST Online -
The new petrol price is 40.6% more than the previous petrol price of RM1.92. This latest inflation is due to the increasing pressure from soaring global crude oil prices. The government can no longer keep up with the fuel subsidies and has finally decided to revise the subsidy scheme. Whether or not this is a good move is left open to debate with opinions from either side. I personally feel that the eventual uplift of all fuel subsidies and the pegging of fuel prices in Malaysia to the open market is the way to go (with conditions).
This latest announcement will definitely affect the local inflation rates. It’s going to be interesting to see what happens in the upcoming weeks. Time to have that chat with your boss for an early increment.
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