November 25, 2006 15:35 PM
Govt May Review Fuel Prices If Price Drops To Below US$50 - Awang Adek
BACHOK, Nov 25 (Bernama) – The Government may review the retail price of petrol if the fuel price continues to slide in the world market to below US$50 per barrel next year, Deputy Finance Minister Datuk Dr Awang Adek Hussin said.
He, however, said the Government did not propose to re-visit the oil price, which had dropped to US$60 per barrel, at the moment as it still shouldered a heavy financial burden in footing the high fuel price subsidy.
“Nevertheless, if oil prices continue to dwindle further (to below US$50 per barrel), the government may be able to do something,” he told reporters after receiving new membership application forms from Kampung Kemayang Umno branch.
He also launched the Rela Elite Platoon Unit and gave away boots.
Dr Awang Adek said the government had no reason not to consider a downward review of fuel prices if the world crude oil prices continue to fall.
Asked to comment on Malaysia continuing to register strong economic growth as stated by Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz recently, he said, it was a positive sign.
He said it augured well to stimulate the national economy to greater heights.
Buoyed by the bullish stock market following purchase of shares by local and foreign investors, he said, the services, manufacturing and agriculture sectors were particularly poised to a more positive growth.
Malaysia’s economy would also benefit from the current world peace, he added.
Dr Zeti had said Malaysia’s Gross Domestic Product grew at six per cent between January and September vis-a-vis 5.3 per cent in the same period last year.