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Article: Rocketing oil prices likely to see subsidy reduction
- Article from:
- New Straits Times
- Article date:
- September 29, 2004
- Author:
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Rajan Moses
New Straits Times
09-29-2004
Rocketing oil prices likely to see subsidy reduction
Byline: Rajan Moses
Edition: Main/Lifestyle; 2*
Section: Prime News
KUALA LUMPUR, Tues. - World oil prices rocketed to a record of over US$50 (RM190) a barrel yesterday, fuelled by a spate of disruptions to global supply and casting doubt on whether the Government will be able to sustain hefty petroleum subsidies that have thus far kept domestic pump prices among the lowest in the region.
Global market players said they saw oil prices spiralling up further, predicting a leap to between US$52 and US$60 a barrel, as all the ingredients for a world price explosion appeared to be in place.
"If this trend ...