The petrol price may fall back to RM1.92 a litre by the end of the month or by Dec 31 at the latest.
The government is confident of reverting to the pre-June pump price in the wake of the declining global prices of crude oil.
The icing on the cake may be the possibility of fuel prices dipping below RM1.92 per litre.
Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad did not discount this possibility.
He said the matter should, however, first be brought before Prime Minister Datuk Seri Abdullah Amad Badawi to ascertain if a new controlled price of fuel could be set.
He said the immediate gain from the fall in global oil prices was the possibility of pump prices being 23 sen cheaper in the next 26 days.
“I believe that in correlation to the declining global crude oil prices, we would be able to see petrol retailing at RM1.92 again by end of this month, or at the very latest by the end of the year.”
The current average world crude oil price has dipped below US$60 (RM211) per barrel.
The government increased petrol prices by 78 sen from RM1.92 to RM2.70 in June after world oil prices skyrocketed.
On Aug 1, it announced that pump prices would be adjusted according to world crude oil prices on the first day of each month starting Sept 1.
To date, there have been four price adjustments for fuel with the last on Saturday.
All fuel types were then set at 15 sen cheaper with premium-unleaded petrol (RON97) retailing at RM2.15 per litre (from RM2.30) and unleaded petrol (RON92) costing RM2.05 per litre (from RM2.20).
Diesel is now selling at RM2.05 per litre.
The previous petrol price reductions were made on Aug 23, Sept 24 and Oct 15.
A subsidy of 30 sen a litre and a ceiling price of RM2.70 a litre for petrol has been fixed until at least the year-end.