to my readers: apologies for not posting last two days. being extremely busy to put food on the table.....cheers
BN government will introduce new measures for adjusting the fuel prices at our pumps. hopefully there will be no screw ups.
Crude oil costs have fallen around 23 US dollars since Malaysia introduced a 41 per cent fuel price hike in June to ease the burden of spiraling energy subsidies, sparking angry street protests.
"The government would like to announce that effective September 1, 2008 the retail fuel price will be adjusted according to the monthly average, and the subsidy of 0.30 ringgit (per litre) will be maintained," Abdullah said in a statement Friday.
"The retail price of fuel will be fixed on the first day of every month."
An aide to the prime minister said that if global crude oil prices continued to ease, "then pump prices could be adjusted lower in September."
"The pump price of fuel at the beginning of each month, from September onwards, will reflect the average crude oil prices for the month before," he told AFP on condition of anonymity.
REPORT FROM CNA