Kuala Lumpur - Malaysia's government Saturday reduced the retail price of petrol by 5.6 per cent to help curb rising inflation.
The pump price of gasoline was fixed at 2.55 ringgit (0.77 dollars) per litre down from 2.70 ringgit. Diesel prices have been reduced from 2.58 ringgit to 2.50 ringgit per litre.
Prime Minister Abdullah Ahmad Badawi made the announcement late Friday, saying the move would help curb inflation, which rose to a decade-high of 8.5 per cent in July.
"The government hopes that the reduction in gasoline and diesel prices will help to ease consumers' burden as well as ease inflationary pressure," Abdullah said in a statement.
Vienna - Rising 3.86 dollars on Thursday, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped back above the
110-dollar-mark, data issued by OPEC showed on Friday.
One barrel (159 litres) of OPEC-produced crude stood at 113.63 dollars Thursday, compared with 109.77 dollars on the previous day.
Oil prices were pushed by concerns about rising tensions between the United States and oil producer Russia, Vienna-based energy consultants JBC said.
London, Aug 22: The Oil and Natural Gas Corporation has raced into a lead in the bid to buy Imperial Energy, the 1.2 billion pound London-based oil exploration and production company.
The Indian Government has given approval to the investment arm of the oil company, ONGC Videsh Ltd., to go ahead with the full bid.
The Indians have shrugged off challenges from China’s Sinopec and KNOC of Korea, and are now in a position to close the deal as early as next week, insiders said.
The oil marketing companies (OMCs) on Tuesday were firmly instructed by the Petroleum and Natural Gas Ministry to clear the waiting list of new domestic LPG connections within 2 months (60 days) and restore the normal supply of all kinds of fuels across country.
Murli Deora, Minister of Petroleum and Natural Gas, while chairing the review meeting of the OMCs said, “The supply and distribution of essential petroleum products should be restored to the normal position. Adequate supplies must be ensured in the coming festive season.”
Crude oil prices went up on Tuesday, August 19, as a declining dollar propelled investors to buy commodities as inflation hedges.
On the New York Mercantile Exchange (NYMEX), light, sweet crude for next month (September 2008) delivery climbed up $1.66 to settle at USD 114.53 per barrel.
On the other hand, gasoline futures surged 4.87 cents to settle at $2.639 per gallon, while the retail price of a gallon of regular gas was $ 3.73.
Heating oil futures also witnessed an increase of 3.89 cents to settle at $3.1237 per gallon at the NYMEX.
Vienna - Rising 3.86 dollars on Thursday, the price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped back above the 
London, Aug 22: The Oil and Natural Gas Corporation has raced into a lead in the bid to buy Imperial Energy, the 1.2 billion pound London-based oil exploration and production company.
Petroleum and Natural Gas Ministry to clear the waiting list of new domestic LPG connections within 2 months (60 days) and restore the normal supply of all kinds of fuels across country.
investors to buy commodities as inflation hedges.
