KUALA LUMPUR, April 11 Gas Malaysia Bhd
, the country's sole supplier of natural gas to the
non-power sector, said on Friday it has obtained government
approval to raise the natural gas tariff in peninsular Malaysia
from May 1.
The tariff adjustment follows a 14.89 percent rise in
electricity charges announced in December as part of the
government's aim to cut subsidies and reduce its budget deficit.
The gas price hike is not applicable to liquefied petroleum
gas or natural gas for vehicles. The tariff for residential
consumers and those who consume less than 600 million metric
British thermal unit (mmBtu) a year remain unchanged, according
to a stock filing from Gas Malaysia.
For other classes of consumers with an average annual gas
consumption of 601 mmBtu and above, the price increase ranges
between 18 and 26 percent, the company said.
"Gas Malaysia is confident that its long-term profitability
will remain healthy, and is poised for better position on the
back of pent-up demand, which will result in higher overall gas
consumption," it said.
The purchase price of gas that Gas Malaysia procures from
Petroliam Nasional Bhd will be adjusted upwards
accordingly, Gas Malaysia added.
(Reporting by Yantoultra Ngui; editing by Jason Neely)