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Fuel Price Hikes Underscore Policy Dilemma

The article reports on the fuel price increase implemented by Malaysian administration under Prime Minister Abdullah Ahmad Badwai. This action caused thousands of Malaysians to gather in Kuala Lumpur to protest against fuel hikes, giving more pressure for the prime minister and giving support to a restored opposition. Cost-cutting measures were carried out in an effort to mollify detractors.

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Explaining High Oil Prices

Oil prices have been increasing dramatically in recent years. As a result, consumers are forced to endure increased costs for energy and gasoline. Oil prices affect the economy as a whole. Increased oil prices have an impact on costs involved in the manufacturing and transporting of goods; as such, they tend to result in aggravating inflationary trends. Author: Samirul Ariff bin Othman.MIERScan, 20 August 2007

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Petroleum to play a lesser role in the economy

The importance of oil and gas to the modern Malaysian economy seems readily obvious. The twin towers that stand majestically in Kuala Lumpur are a towering testimony. Oil can be a curse, not a blessing, if this precious resource is mismanaged, as shown by the experience of some countries. In the case of Malaysia, one mayargue, the record has been fairly impressive. Petronas, the national agency that manages the nation’s oil and gas resources, has performed remarkably well in carrying out its task by any yardstick. What is more,Petronas has spread its wings and ventured overseas in a big way, garnering billions in foreign exchange earnings through international operations. By Mohammed Ariff. Publication/Conference MIERScan, 17 September 2007. 

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