Govt May Review Fuel Prices If Price Drops To Below US$50

Source: http://www.bernama.com/bernama/v3/news.php?id=232319

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.

– BERNAMA

Good news!! but below USD50 per barrel?? is it possible? :frowning: :frowning:

Note they just said ‘review’.

Normally they would only review and review and review yet …

no comment…

A big ‘if’ …the barrel will drop to $50 and the review…might come to nothing,…cause they can say…the prices might go up again cause we are living in an unpredictable world now…
imagine the price drop to 50, but US go and attack IRAN…

highly unlikely the price of oil will drop below $50 per barrel. Even if it drop below $60, OPEC will surely revise the production to control the price. dun forget, winter is coming. holiday period is also coming up. consumption will surely go up. with normal production amount and increase in consumption, price will go up once again.

If the oil prices keep going up ,expect another petrol price increase on 1/1/07,because Pak Lah has promised there will be no increase this year…Just my feeling. :roll: :roll: