KUALA LUMPUR: The Malaysia government said on Wednesday that they would not raise fuel prices in the country and would maintain current subsidy levels in a move seen as helping the population in a shaky economic period. A government economic official told Bikyamasr.com that the move was aimed at “maintaining the current system until we can boost the overall economy for all Malaysians.” Deepa Singh, an economic advisor to the finance ministry, added that “right now it would not be smart to change where we are because it would hurt too many people.” It comes even as sharply increasing prices in the global oil markets are being reported as the stand-off between most major world powers and Iran continues over the Islamic republic's nuclear program. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the government was aware that the people currently had to cope with a higher cost of living. Brent crude prices remained above US$125 per barrel on Tuesday as supply concerns persisted amid tightening Western sanctions on Iran and troubles in Syria and Yemen. According to Asiaone.com, The Malaysian government currently subsidizes RM0.93 per liter of petrol, the last revision being in December last year, to keep pump prices for the widely used RON 95 petrol at RM1.90 a liter. For locals here it was a welcome decision. Marianne Kamal, a secretary who travels across the city daily, told Bikyamasr.com that “this will help me maintain my current living and support my children.” She added that with her husband still searching for work, “if they raised the prices, we would have been in trouble to make ends meet. I think the government did the right thing.” It also comes on the heels of protests in neighboring Indonesia, where tear gas and clashes between demonstrators and security forces on Tuesday highlighted the growing anger toward price hikes. Singh said the government was aware of the rising anger and with elections coming soon, there was no need to have people on the street. “This is a move for stability and one we hope will lead to a better economic future for all Malaysians,” the advisor added. BM ShortURL: http://goo.gl/fnkCy Tags: Economy, featured, Fuel, Malaysia, Prices Section: Business, Latest News, Southeast Asia
