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We urge the Malaysian Government to improve its monitoring mechanism against inflation, including the ways to manage petrol and diesel prices, so as to reduce the burden on the people.

Press Statement
Dr Tan Seng Giaw

(Kuala Lumpur, Monday): The world crude oil price of over US$70 per barrel causes much concern. What are the measures to be taken by the Government? Consumers are worried about the rumour on the further increase in petrol price.

Since May and July this year, Malaysian petrol and diesel prices have gone up twice. The Prime Minister said yesterday that the Cabinet meeting on July 7, 2005, will discuss prices of goods, including the call to abolish road tax and reduce toll rate on our roads, thus lightening the burden on the public. We hope that the Government would not increase oil price further and that it would seriously consider the measures on road tax and toll rate.

Now, business is not good. Prices are going up and the inflation rate is over 3%. We truly need to revamp the monitoring mechanism on inflation.

The crude oil hike affects the cost of production and increase the price of imported materials, reducing our competitiveness. Further, demand by industrial countries such as Japan, US and European Union may go down.

The Cabinet meeting on Wednesday should decide on interest rate, appreciation of the ringgit and the various measures to relieve the difficulties faced by the people.


* Tan Seng Giaw, DAP National Deputy Chairman and MP for Kepong

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