Malaysia cuts gasoline, rice prices amid downturn

Updated Wednesday, November 19, 2008 10:41 am TWN, AP

Malaysia cuts gasoline, rice prices amid downturn

KUALA LUMPUR, Malaysia -- Malaysia lowered gasoline and rice prices Tuesday as part of government moves to boost consumer confidence and spending as a global economic downturn unfolds.

Deputy Prime Minister Najib Razak announced late Monday that gasoline and diesel pump prices were being lowered 7 percent to 2 ringgit (56 U.S. cents) and 1.90 ringgit (53 U.S. cents) per liter respectively in line with a drop in world crude oil prices.

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