Abdullah, who is also the Finance Minister pledge prior to this was not to raise fuel prices for the rest of 2007. I hope he keeps his pledge with only less than 4 months to go before 2008 comes.
The gains of Petronas should be shared with the people of Malaysia.
Update 19-Sept-07 - The Government will honour its promise not to increase petrol prices this year, assures Datuk Seri Najib Tun Razak. The Deputy Prime Minister said despite global oil prices hitting a new high of US$80 (RM280) per barrel last week, the Government would not review domestic petrol prices.
"But that is for the price of petrol. (Prices of) gas, it is another issue,” said Najib
14-09-2007: Govt mulls removing diesel subsidy as oil hits record high
by Kevin Tan 
KUALA LUMPUR: The government is looking into the possibility of withdrawing its subsidy for diesel, the Prime Minister said, as light crude oil for October delivery surged to a record high of US$80 (RM280) per barrel.
Datuk Seri Abdullah Ahmad Badawi said yesterday that the government was still discussing the possibility of removing the subsidy after receiving feedback from some Malaysians on this matter.
However, he said the high price of diesel following the removal of the subsidy might also create burden for certain people, including the fishermen who had to depend on diesel to fuel their boats.
Considering this factor, the government also had to look for other options apart from abolishing the diesel subsidy, he added.
Abdullah at the launch of the Pembiayaan MIKRO logo after chairing the 7th National SME Development Council Meeting at Bank Negara in Kuala Lumpur. Photo by Suhaimi YusufThe Prime Minister was speaking to reporters after chairing the 7th National Small and Medium Enterprise (SME) Development Council meeting at Bank Negara Malaysia yesterday.
He said while the government reckoned the current high crude oil prices may affect its development plans, it has not decided whether to withdraw or reduce the subsidies for petrol for end-consumers.
Apart from raising petrol prices, there could be “other options” that the government might take, he said, without elaborating on these options.
“We are observing the situation now. We know that this is a very serious development. It must have an impact on our proposal for development.
“But, we are also mindful of the fact that some time ago, we have made the statement that we will not increase the price of oil until the end of the year,” he said.
Asked if the government would allow petrol price to increase next year, Abdullah said government agencies, including Bank Negara Malaysia, were constantly monitoring the situation.
“We have to take what is in the best interest for our economy, what is in the best interest for our people. That is our objective, nothing else,” he added.
He also announced the establishment of an SME Central Coordinating Agency, which would serve as a one-stop information centre for SMEs, under the Ministry of International Trade and Industry.
As of now, there were about 60 government agencies involved in helping SMEs and a central coordinating agency would help to streamline the implementation of government’s policy relating to SMEs, he said.
In conjunction with the NSDC meeting, Abdullah also launched the national micro-finance logo yesterday.
Currently, there are six commercial banks and three development financial institutions that had rolled out their micro-finance products.
Under this scheme, SMEs could obtain loans ranging from RM500 to RM50,000 without collateral. The loan application process is also simple, requiring only minimum documentation.
KUALA LUMPUR: The government is looking into the possibility of withdrawing its subsidy for diesel, the Prime Minister said, as light crude oil for October delivery surged to a record high of US$80 (RM280) per barrel.
Datuk Seri Abdullah Ahmad Badawi said yesterday that the government was still discussing the possibility of removing the subsidy after receiving feedback from some Malaysians on this matter.
However, he said the high price of diesel following the removal of the subsidy might also create burden for certain people, including the fishermen who had to depend on diesel to fuel their boats.
Considering this factor, the government also had to look for other options apart from abolishing the diesel subsidy, he added.
Abdullah at the launch of the Pembiayaan MIKRO logo after chairing the 7th National SME Development Council Meeting at Bank Negara in Kuala Lumpur. Photo by Suhaimi YusufThe Prime Minister was speaking to reporters after chairing the 7th National Small and Medium Enterprise (SME) Development Council meeting at Bank Negara Malaysia yesterday.
He said while the government reckoned the current high crude oil prices may affect its development plans, it has not decided whether to withdraw or reduce the subsidies for petrol for end-consumers.
Apart from raising petrol prices, there could be “other options” that the government might take, he said, without elaborating on these options.
“We are observing the situation now. We know that this is a very serious development. It must have an impact on our proposal for development.
“But, we are also mindful of the fact that some time ago, we have made the statement that we will not increase the price of oil until the end of the year,” he said.
Asked if the government would allow petrol price to increase next year, Abdullah said government agencies, including Bank Negara Malaysia, were constantly monitoring the situation.
“We have to take what is in the best interest for our economy, what is in the best interest for our people. That is our objective, nothing else,” he added.
He also announced the establishment of an SME Central Coordinating Agency, which would serve as a one-stop information centre for SMEs, under the Ministry of International Trade and Industry.
As of now, there were about 60 government agencies involved in helping SMEs and a central coordinating agency would help to streamline the implementation of government’s policy relating to SMEs, he said.
In conjunction with the NSDC meeting, Abdullah also launched the national micro-finance logo yesterday.
Currently, there are six commercial banks and three development financial institutions that had rolled out their micro-finance products.
Under this scheme, SMEs could obtain loans ranging from RM500 to RM50,000 without collateral. The loan application process is also simple, requiring only minimum documentation.
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