Friday June 6, 2008

Petrol, power price rise effects begin to kick in

PETALING JAYA: The effects of the increase in fuel price and electricity tariffs have started to kick in.

Just a day after the announcement of the increases, the following developments have taken place:

> Bus and lorry companies announced that they are increasing charges or will be forced to stop services;

> The Federation of Malaysian Manufacturers said its members will pass on any increase in costs to consumers;

> Hawkers and other food operators will wait and see before raising prices; and

> The KLCI closed 29.56 points down, to 1223.56 points. Plantation and banking counters as well as PLUS were the most affected.

Not all was gloomy, however. Transport Minister Datuk Ong Tee Keat said he is looking at whether more reductions on road tax can be given.