RealNews

Malaysia cuts fuel prices amid economic slump

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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