Malaysia's Petronas to open books to public: report - Reuters

KUALA LUMPUR (AFP) - Malaysia's state oil company Petronas will open its books to the public after a decision to hike fuel prices by more than 40 percent set off days of protests, news reports said on Monday.

The reports come with a major opposition party still calling for as many as 100,000 people to take to the streets at a rally early next month amid growing anger over the cost of fuel in Malaysia, which is heavily state subsidised.

Nor Mohammed Yakcop, the country's second finance minister, told the New Straits Times newspaper that Petronas could open its ledgers to the public as soon as next week as the government looks at cutting the fuel subsidy.

"As a government that is entrusted by the people, we have to make sure our revenues are spent prudently," he said.

The government has forecast that unless subsidies are restructured, it will spend around 10 billion ringgit (3.1 billion dollars) in the second half of 2008 in the face of a global surge in oil prices .

But Nor Mohammed brushed off calls to use the Petronas revenues to finance the subsidy.

[More at http://asia.news.yahoo.com/080616/afp/080616064302business.html]