World oil price hits another record high $ 103.95 per barrel will cause the Malaysian government to increase the subsidy if if no price hike. Ironically, the profit of PETRONAS will be increase too.
The question remains: Are the government going to increase the petrol price immediately after winning the 12th General Election which will be held on the March 8, 2008?
The gravity-defying price of oil shot through another barrier March 3, 2008 by briefly touching $103.95 a barrel in New York trading, the highest cost ever for black gold even after adjusting for inflation.
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said the 13-nation cartel is shying away from boosting production because of the U.S. economic slowdown, political turmoil in the Middle East and expectations of slackening global demand for crude.
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