PM: Get true picture of global oil price hikes - The Star

KUALA LUMPUR: Datuk Seri Abdullah Ahmad Badawi said he hoped the people would obtain the correct information on the global fuel price increase phenomenon so they could understand what the country was facing.

Each and every one of us has a role and responsibility in facing these trying times. “As such, let’s face this challenge together with resilience for the greater good of the nation and our future generations,” he said.

The Prime Minister said this in his speech Saturday at an investiture held in conjunction with the Yang di-Pertuan Agong’s birthday at Istana Negara.

“The Government has held out for as long as possible to protect the people from fuel price increases but the price of oil has risen steeply and rapidly in the world market,” he said.

Abdullah said that in January 2007, the price of crude oil in the world market was only around US$50 (RM164.50) a barrel.

Now, 18 months later, it had risen to almost US$130 (RM427.70) a barrel and analysts were predicting it would continue to rise up to US$200 (RM658) a barrel, he said. The Prime Minister also said the Government was aware the fuel price increases had caused uneasiness and worry among the population.

[More at http://thestar.com.my/news/story.asp?file=/2008/6/7/nation/20080607171312&sec=nation]