In view of soaring Petronas profits, crippling inflation and relatively lower crude oil prices, the government should lower retail prices for petrol in Malaysia, said former deputy premier Anwar Ibrahim.

He said when the government announced the 30 sen fuel price hikes - the sharpest ever - on Feb 28 this year, Brent and West Texas Intermediate crude oil prices hovered around US$60-US$67 per barrel, which has since dropped to around US$55-US$60 over the past month.

"Yet, the government insists that they will only consider lowering oil prices next year if the price of crude oil goes below US$50 per barrel," he said in a statement today.

On Saturday, Deputy Finance Minister Dr Awang Adek Hussin said the government would not review present oil prices as it is burdened with present subsidy bills.

"Nevertheless, if oil prices continue to dwindle further (to below US$50 per barrel), the government may be able to do something," he was quoted as saying by Sabah's Daily Express.

Petronas' billions

Anwar, who is also ex-finance minister, said other factors which warrants the lowering of fuel prices was the fact that national oil company Petronas had chalked a RM27.7 billion half-year net profit.

This was a 20.6 percent increase for the same period last year.

Furthermore, he said government statistics have shown that 2006's inflation rate would be high, causing more burden for the consumers.

"If previously the rakyat had to understand the government's burden due to fuel subsidies, now it is time the government understands the plight of the rakyat.

"The government had no qualms in increasing petrol prices continuously within a short period of time, but now wants to take a long time simply to consider it," he said, adding that the people were facing a sluggish economy, coupled with waning foreign investment and high unemployment.

He also urged the government to place Petronas under the purview of Parliament to ensure that the national asset is managed transparently and accountably.

Presently, Petronas is under the control of the Finance Ministry and its accounts not open to public scrutiny.