Malaysian Prime Minister Abdullah Ahmad Badawi said a recent move to cut gasoline prices by 5.6 percent to 2.55 ringgit (US$0.76) a liter was not politically motivated, a report yesterday said.
The government’s announcement on Friday comes ahead of a crucial by-election tomorrow contested by opposition politician Anwar Ibrahim in the northern Penang state.
Anwar has promised to cut fuel prices substantially if he is returned to parliament after a decade-long absence and wrests power from the ruling coalition.
“Never mind what people say. If I want to change the policy because I think I have to, I will change it,” Abdullah was quoted as saying by the New Sunday Times. “I don’t care what the opposition says. I will do it. That’s me.”
The government hiked gasoline prices 41 percent in June to rein in the spiraling cost of energy subsidies, but the decision sparked angry street protests and triggered calls for him to quit, compounding his woes after disastrous results in March elections.
The government later said it would review fuel prices periodically from next month, with the new price to be fixed on the first day of every month.
But housing and local government minister Ong Ka Chuan (黃家泉) told state news agency Bernama the Cabinet on Friday would review fuel prices bi-monthly to be more responsive to fluctuating fuel costs.
“If there is further reduction, the government will announce an adjustment every 15 days based on global crude oil price,” Ong said.
Malaysia’s inflation rate rose to a new 26-year high of 8.5 percent last month, driven up by the escalating cost of fuel and electricity.
The central bank says it expects inflation to moderate in the second half this year as economic growth is likely to slow down.
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