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Government to slash petrol prices.

Malaysiakini report:

According sources, the government will reduce petrol and diesel prices by 10 cents each to RM2.45 and 2.40 per litre respectively with effect from tomorrow.

The cut is the second in two months after hiking pump prices by as much as 78 cents in June. The hike had gone down badly with the public, sparking an outcry and even street protests.

The price of RON 97 will be cut by 10 cents to RM2.45 per litre, RON 92 to RM2.30 from RM2.40, while diesel would be cut to RM2.40 per litre.

Deputy Prime Minister and newly-appointed Finance Minister Najib Abdul Razak had on Monday told reporters to 'wait a few more days' when asked if it was true the government was planning a second price reduction before the Hari Raya holidays.

Cabinet to decide today

Prime Minister Abdullah Ahmad Badawi was yesterday reported as saying the cabinet would discuss the price of fuel when they met today.

"It is better we discuss first on matters related to fuel and subsidies. I don't want to give any impression (on whether there will be a cut). If necessary, we will make an announcement," he told reporters yesterday.

Abdullah had previously said if world crude prices stabilised at US$109 per barrel, the government may consider another 15 cents reduction in price.

The government last month lowered pump prices by 15 sen or 5.6 percent to RM2.55 per litre.

Addendum: Its official. 10 cents it will be.

A weak attempt to placate the growing anti establishment sentiment.