Malaysia cuts fuel price by 6.5 percent

Malaysia cut petrol prices by 6.5 percent Friday, bringing pump prices down to 2.15 ringgit (0.60 dollars) per litre amid easing global crude oil prices.
Prime Minister Abdullah Ahmad Badawi said the 15 sen price cut would be effective Saturday. The price of diesel was also cut by 15 sen to 2.05 ringgit a litre.
"Global crude oil prices have fallen steadily recently. The government made this decision to help expedite a reduction in prices of food and other goods," he said in a statement.
It is the fourth fuel price cut the government has announced since June's steep price hike of 41 percent on the back of soaring crude costs which sparked angry street protests and calls for Abdullah to resign. The price of diesel was also raised by 63 percent in June.
The government last cut fuel prices by 15 sen two weeks ago.
The prime minister had said prices would be reviewed periodically based on the cost of oil.
June's hike saw inflation soar, with the August price index reaching a 26-year high of 8.5 percent, driven by the escalating cost of food and transportation.
In September, inflation eased to 8.2 percent as fuel prices dropped.