ID :
164111
Sat, 02/26/2011 - 06:32
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Shortlink :
https://oananews.org//node/164111
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Malaysia Goverment Consider People Plight Before Increasing Fuel Price
KUALA LUMPUR (Bernama) - The government will consider the peoples' plight before deciding the price of fuel Ron 95 which, for the time being, will be left unchanged, said Prime Minister Najib Razak Friday.
Ron 95 currently retails at RM1.90 per litre. (US$1=RM3.05)
"Whatever decision we make, it will not be without taking into consideration the peoples' plight. This will be our top priority although the government has to heavily subsidise the price of the fuel," said Najib, who is also Finance Minister, at a press conference here after chairing the Umno (United Malays National Organisation) Supreme Council Meeting. Umno is a political party leading the ruling coalition, Barisan Nasional.
Brent crude oil fetched US$112.60 per barrel Friday after reaching a high of US$120 per barrel on Thursday following disruptions in oil supplies as a result of the political turmoil in Libya, a member of the Organisation of Petroleum Exporting Countries.
The government, Najib said, was concerned over the peoples' cost of living which should always be monitored so as to ensure that inflation, which is under control now, does not rise further.
"We don't want this (inflation) to be a major complaint among the people," said Najib, when asked to comment on the impact of rising crude oil prices, as a result of the Middle East crisis, on local fuel prices.
The Consumer Price Index in January 2010, which measures inflation, rose 2.4 per cent to 101.8 against 99.4 in January 2009.
Najib said the government would continue to closely monitor the situation.
"I am not able to say anything in terms of the time frame (but) for now we have no plans to increase oil prices," said Najib.
He added if the tensions in the Middle East were to ease soon, global oil prices would start retreating lower.
For this year, the government allocated RM10.3 billion to subsidise oil prices.
Ron 95 currently retails at RM1.90 per litre. (US$1=RM3.05)
"Whatever decision we make, it will not be without taking into consideration the peoples' plight. This will be our top priority although the government has to heavily subsidise the price of the fuel," said Najib, who is also Finance Minister, at a press conference here after chairing the Umno (United Malays National Organisation) Supreme Council Meeting. Umno is a political party leading the ruling coalition, Barisan Nasional.
Brent crude oil fetched US$112.60 per barrel Friday after reaching a high of US$120 per barrel on Thursday following disruptions in oil supplies as a result of the political turmoil in Libya, a member of the Organisation of Petroleum Exporting Countries.
The government, Najib said, was concerned over the peoples' cost of living which should always be monitored so as to ensure that inflation, which is under control now, does not rise further.
"We don't want this (inflation) to be a major complaint among the people," said Najib, when asked to comment on the impact of rising crude oil prices, as a result of the Middle East crisis, on local fuel prices.
The Consumer Price Index in January 2010, which measures inflation, rose 2.4 per cent to 101.8 against 99.4 in January 2009.
Najib said the government would continue to closely monitor the situation.
"I am not able to say anything in terms of the time frame (but) for now we have no plans to increase oil prices," said Najib.
He added if the tensions in the Middle East were to ease soon, global oil prices would start retreating lower.
For this year, the government allocated RM10.3 billion to subsidise oil prices.
