Oil price had shoot up to US$80.00

Since the Global petroleum price has sky rocketed to US$80.00 (RM280) per barrel, Malaysia will still maintain its subsidy for diesel oil despect the rising. Its was reported the higher oil costs in the global market will mean that Petronas can allocate higher dividents to the government which is the main shareholder of the company.

The government and the misinstry is closely monitoring the fuel price because if it continues to shoot upwards, there is need to determine what impact it will have on the country's export driven economy. The ministry said on reports which cited bad weather in the Gulf of Mexico, where many oil refineries are sited, as a reason for another round of grobal oil price rice. When ask about the increased smuggling of oil products to neighbouring countries, he said it was on the country's security agencies to prevent that. smuggling of oil and disel can be considerel a form of economic sabotage so the enforcement agencies must be vigilant.