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Malaysia raises fuel price, will double inflation June 4, 2008

Posted by Parti KeADILan Rakyat Bahagian Batu in Antarabangsa, ekonomi, global, Pakatan Rakyat, pasaran, perdagangan.
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Malaysia will raise petrol prices by 41 percent on Thursday as part of a fuel subsidy reform that will double the rate of inflation this year and eventually lift Asia’s second-cheapest pump prices to market rates.

The government has said it plans to start using global market rates for fuel in August to prevent subsidies from eating up a third of its budget.
The government would save 4 billion Malaysian ringgit ($1.23 billion) on fuel subsidies and twice as much by raising the price of natural gas, Prime Minister Abdullah Ahmad Badawi said on Wednesday from the country’s administrative capital near Kuala Lumpur. [ from guardian.co.uk here ]

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