Malaysia Raises Retail Petroleum Prices

Isi tong minyak malam ni sebelum kul 12 mlm. Cepat sebelum dia naik esok. Cam ni la jadi kepada negara kita walau ada minyak. Tapi kalau negara yang sudah tiada minyak atau minyak kurang lagi payah. Ekonomi boleh merundum jatuh.


Feb. 27, 2006, 7:38PM
Malaysia Raises Retail Petroleum Prices

© 2006 The Associated Press

KUALA LUMPUR, Malaysia — Malaysia's government on Tuesday sharply increased retail prices of gasoline, diesel and liquefied petroleum gas _ by as much as 23 percent _ but pledged to not raise them further this year, the prime minister's office said.

The sudden hikes surprised financial markets following six months of unchanged petroleum prices in Malaysia despite soaring prices of crude oil globally. Despite the increases, Malaysia's retail prices remain highly subsidized and among the lowest in Southeast Asia, the government said.

"The government has given the assurance that the retail price of petroleum products won't be raised again this year," said a statement on the Website of Prime Minister Abdullah Ahmad Badawi's office.

The retail price of premium gasoline, diesel and liquefied petroleum gas went up by 0.30 ringgit (US$0.08; euro0.07)_ raising gasoline price by 19 percent to 1.92 ringgit (US$0.52; euro0.44) a liter.

Diesel went up by 23 percent to 1.581 ringgit (US$0.43; euro0.36) a liter, and LPG up 21 percent to 1.75 (US$0.47; euro0.40) ringgit a kilogram.

The prices would be higher still without government subsidies. Premium gasoline, for instance, would be 28 percent more expensive than the new price if unsubsidized, while diesel would be 25 percent more expensive, the statement said.

Malaysia is a net oil exporter but the government has said it is foregoing much-needed tax revenue as well as providing billions of ringgit in subsidies, to keep retail fuel prices low.