Malaysia’s government Tuesday announced it would cut retail fuel prices for the sixth time in four months following recent sharp drop in global oil prices. In a statement, Prime Minister Abdullah Ahmad Badawi said gasoline and diesel pump prices were being lowered by another 5 percent to 1.90 ringgit (53 U.S. cents) and 1.80 ringgit per liter respectively. The government had raised gasoline prices by a staggering 41 percent in June to 2.70 ringgit when global oil prices reached a record high to reduce its subsidy bill. But oil price has since fallen amid a global economic slump, dipping to 3-year lows below $48 a barrel on Tuesday. Full Story
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