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Sunday, January 31, 2016

Cheaper petrol, diesel at midnight, tonight



Petrol and diesel retail prices continue to slide, with RON95 to cost RM1.75 at midnight Feb 1.
This is down 10 sen compared to January prices.
RON97 will cost 20 sen less at RM2.05 per litre and diesel will be cheaper by 25 sen at RM1.35 per litre, Sin Chew reported.
This is the second month in a row that fuel pump prices have gone down.
While this may be happy news for motorists, the slip in oil prices signals tough times ahead for oil-producing Malaysia.
Earlier this month, national oil company Petronas said it aims to cut RM50 billion in operating and capital expenditure in the next four years, in the face of sliding oil prices.
The oil and gas industry is also undergoing rounds of retrenchments.
This prompted Bank Simpanan Nasional to halt loans to oil and gas employees, due to default risk.
The oil price plunge has also forced the government to embark on a "budget recalibration" exercise, fearing further economic slump. -Mkini

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