World Oil Prices Decline on Low U.S. Interest Rates
27.03.2012The price of oil on world commodity exchanges was falling Tuesday morning as the head of the U.S. Federal Reserve commented that the institution would keep its interest rate pegged low.
The price of a May futures contract for WTI light sweet crude in electronic trading on Nymex was down 14 cents to $106.89 a barrel by 8:15 Moscow time. The price of a May futures contract for North Sea Brent blend was off 20 cents to $125.45 in London.
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RON95 petrol subsidy up 10sen in March; pump price remains at RM1.90
By ZUHRIN AZAM AHMAD
PUTRAJAYA: Global rise in oil prices has pushed up the subsidy for RON95 petrol by 10sen to RM1.03 per litre in March, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob on Tuesday.
The pump price of RON95 will remain at RM1.90 per litre.
"Since the world price of petroleum has increased, the government had to increase the subsidy to ensure the people are not burdened by its side effects," he said here Tuesday.
The last time the RON95 price was reviewed was in December when the pump price was raised from RM1.85 per litre to RM1.90.
Prime Minister Najib Tun Razak promised in late February that the price of RON95, widely used by motorists, would be maintained for the near future despite soaring global oil prices.
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