The crude oil price has dropped sub-$90 as of this evening. Thats the lowest I recall since Feb 2008.
On Sunday, I was chatting with a IT support in the petrol/diesel industry, and he mentioned, according to his calculations, the government isn't paying a single cent in subsidy. Based on the official reports, the government is paying RM 0.30 subsidy for each liter.
Anyway, I'm just looking forward to the next reduction in the petrol prices in Malaysia. Earliest this will happen? November 2008, no thanks to our leaders who have to wait for a cabinet meeting to determine & announce the new petrol price. In the meantime, just make a hell of a 'profit' and then reduce the pump prices to 'ease the rakyat's burden'. Source: Bernama.
MSNBC reports blame the global financial crisis (economic slowdown reducing the demand for crude oil) and the strengthening of the US dollar to UK's Euro as the causes of the crude oil price drop.
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I think they are waiting for most of petrol station to finish remaining balance in their storage tank..then only they announce new petrol price.
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