JOHOR BARU, Oct 10 - The retail price of petrol can dip as low as RM1.92 per litre, the price two years ago, if the world crude oil price drops to US$72 a barrel, Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said today.
Oil prices plummeted to a one-year low below US$83 a barrel today in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities.
Shahrir said a continuous deflation of the fuel price was possible if the demand from the developed countries were reduced and there was an economic downturn.
“The government will reduce the fuel price based on the exchange rate of the ringgit against the US dollar. For example, in 2006, the world crude oil was priced at US$65 a barrel and at RM1.92 per litre with the ringgit being traded at RM3.80 for each dollar.
“So, if we want to enjoy RM1.92 per litre now, the price of crude oil must fall to US$72 per barrel. It is possible if there is less demand from the developed countries such as Japan and the United States,” he said after launching the RM6.4 million zipper factory owned by YKK (Malaysia) Sdn Bhdin Larkin here.
Meanwhile, commenting on the rise in price of coconut milk in the market, Shahrir said it was beyond the ministry’s control as only grated coconut was a controlled item, not coconut milk.
He said, however, that the government via Fama had imported 600,000 coconuts from Indonesia in a bid to reduce the price of coconut milk in the market. -BERNAMA
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