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The PM’s statement comes on the back of the first meeting of a Cabinet committee set up to study the impact of rising petroleum prices on the Malaysian economy.
Speaking to reporters Abdullah said, “Against a backdrop of skyrocketing crude oil prices, which [will] have raised Malaysia’s subsidies for petroleum products to RM4.2 billion (US$1.1 billion) and RM7.3 billion (US$1.9 billion) in revenue foregone this year, research and development [will] be continued into alternative energy sources.”
“This includes increasing the use of natural gas vehicles in public transportation, encouraging the development of renewable energy, using palm oil as biofuel and increasing energy efficiency. They [also] include solar energy, wind energy and energy generated from biomass,” added the PM.
