KUALA LUMPUR, Sept 6- The Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry (KLSICCI) sees minimal impact on production costs from the increase in the petrol price.
Its Executive Director, M. Silvaraja, said industry players will be able to absorb the 0.3 per cent increase in the production costs.
Silvaraja said the increase, however, will affect the transportation sector.
He said some businessmen would definitely take this opportunity to exploit the price increase.
“For example, a few hours before the announcement of the price increase, some petrol stations had refused to sell the oil.
“This is an act of sabotage,” he said.
Silvaraja said this to reporters on the sidelines of the soft launch of India Property Show Malaysia 2013 here on Thursday.
He said the chamber will get feedback from members on the petrol price increase and forward them to the government.
The government has raised the price of RON95 petrol and diesel by 20 sen and RON97 by 15 sen.
Meanwhile, Silvaraja has urged Malaysian investors to invest in India, particularly in the property sector, for the long term.
“Financial assistance will also be given by India International Bank (M) Bhd for those who are interested to buy residential and commercial properties in India,” he said.
The two-day event, starting Sept 7, will be held at the Kuala Lumpur Convention Centre. It will showcase over 75 properties.
He said the event will see the participation of 25 real estate developers from India.
– BERNAMA
