Budget 2014 will address difficulties caused by 'very minimal' fuel price increase

The upcoming Budget 2014 will ease any difficulties created by the recent fuel subsidy reduction, resulting in a 20 sen increase in RON95 petrol and diesel prices, said Datuk Seri Hasan Malek.    

"Wait for the budget. We will address any burdens through several measures, including increasing BR1M," the Domestic Trade, Cooperatives and Consumerism Minister told reporters after launching the Malaysian Intellectual Awards ceremony here Thursday.

Hasan said that the 20 sen increase was "very minimal".
 
"We are not doing this to burden the people. This is to strengthen the nation's financial reserves," he said.
 

Hasan said his Ministry would conduct 24-hour surveillance to ensure prices for goods and services did not go up due to ripple effects from the fuel price hike.

"I am confident the budget will stick to the 'people first' promise," he said.

The prices of RON95 petrol is now RM2.30 per litre and diesel is RM2.20 per litre.

Petrol and diesel prices were last increased, also by a 20 sen margin, on Sept 2 last year.

The current unsubsidised market price for RON95 is RM2.58 per litre while diesel is RM2.52 per litre.