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Published: Thursday February 24, 2011 MYT 6:48:00 PMUpdated: Thursday February 24, 2011 MYT 7:20:59 PM
KUALA LUMPUR: Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said here on Thursday that fuel prices would not be raised despite the escalating global oil price.
He stressed that the current situation could still be handled without increasing the price of RON95 and diesel in Malaysia, which is now at RM1.90 and RM1.80 per liter.
Meanwhile, the ministry would discuss with the Finance Ministry to work out alternative measures to cushion the increase including increasing government spending on oil subsidy, he said.
The Middle East unrest has triggered global worries about oil supply. In response, the crude oil price on the global market has already breached US$100 (RM310) per barrel.
Malaysian government has allocated a subsidy of RM10.3bil ringgit in its 2011 Budget for food and fuels.
The government started to reduce the subsidies on both fuels and food at the end of 2010 to ease its fiscal burden.
Therefore, the prices of RON 95 and diesel were each increased five sen to the current level.
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