30 June 2005

Impending fuel price increase

The Star article today Petrol prices may very well go up again has triggered speculation that the price of petrol &/or diesel will be raised again soon. The official reason given is that the recent increase in world petroleum prices (RM 228 per barrel on 20 June) is putting a strain on the Govt's budget as the fuel subsidy grows ever larger.

In 2004, fuel subsidies cost the govt about RM 10 billion in fuel subsidies & forgone taxes.

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