Malaysia confirm raise petrol prices by 40 Percent
Breaking News – Malaysia’s petrol price will increase 40 percent to 2.70 ringgit (0.84 dollars) a litre from Thursday as controls are removed under a revamped subsidy system, the prime minister said.
“Effective from tomorrow, 5 June 2008, the price of petrol will be raised by 78 sen and the price of diesel will be raised by 1.00 ringgit,” Prime Minister Abdullah Ahmad Badawi told a press conference.
“The new price of petrol will be 2.70 while the new price of diesel will be 2.50,” he said. Petrol currently costs 1.92 ringgit (0.60 dollars) at the pump, among the cheapest in Asia.
Domestic Trade Minister Shahrir Samad said that under the new scheme,drivers of smaller vehicles will receive a cash payment to offset the
rising costs.
“For cars 2000cc and below, they will get back 625 ringgit in cash
payments as a form of direct subsidy,” he said, adding that this
equated to subsidising some 800 litres of fuel.
Shahrir said that the new price of 2.70 ringgit did not reflect the
full market value, which could be as high as 3.00-4.00 ringgit when the
price controls are completely removed in August.
He said that the increase would impact on inflation, which came in at 3.0 percent in April.
So What Now? Driving cars above 2000cc is a crime? Maybe should consider back petrol saver machine like Honda Super Cheap Urban Bike – The Cub….
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