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October 25, 2008 19:34 PM
Oil Price Drop Will Not Exceed 15 Sen
JOHOR BAHARU, Oct 25 (Bernama) -- The drop in the local retail oil price expected at the end of this month will not exceed 15 sen.
Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad who disclosed this, said a drop of that amount was made to avoid sudden losses, especially for the petrol station operators nationwide.
"We do not want a big drop in the price to the extent of adversely affecting their business," he said after opening the Financial Awareness Week at the Persada Johor International Convention Centre, here Saturday.
Shahrir said the price of petrol and diesel would be reduced in stages to a reasonable level for consumers.
The price of RON97 petrol was reduced by 15 sen to RM2.30 per litre on Oct 15, RON92 by 10 sen to RM2.20 and diesel by 20 sen to RM2.20.
A further reduction expected to be made by the cabinet at its meeting this coming Friday will be the fourth since the government announced a fuel price increase on June 4.
-- BERNAMA
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