Malaysian PM signals hike in fuel prices
Sunday, 11 November 2007
KUALA LUMPUR, Nov 10 (PTI): Malaysian Premier Abdullah Badwai Friday said the government will have to restructure energy subsidies, signaling that Malaysians may soon have to brace up for a hike in petrol prices.
Abdullah told his party delegates that the government was finding it "difficult to maintain the current subsidies". A huge portion of the government's subsides are spent on enabling the people to buy petrol and diesel at low prices. Deputy Prime Minister Najib Razak said the government would have to spend 35 billion ringgit (USD 10 billion) on fuel subsidies every year if oil prices touch USD 100 a barrel.
Abdullah told his party delegates that the government was finding it "difficult to maintain the current subsidies". A huge portion of the government's subsides are spent on enabling the people to buy petrol and diesel at low prices. Deputy Prime Minister Najib Razak said the government would have to spend 35 billion ringgit (USD 10 billion) on fuel subsidies every year if oil prices touch USD 100 a barrel.