Malaysia ups power, natural gas prices

PUTRAJAYA, Malaysia May 30 (Reuters) - Malaysia said on Monday it will raise electricity prices by an average 7.12 percent from June 1 in an effort to cut down on subsidies.

Officials said natural gas prices would also rise by 3.0 ringgit (about $1.0) per mmBtu each six months until it reached market levels.

Power prices would rise by as much as 2.3 sen per kilowatt hour.

The price charged by state oil company Petronas for power generation would rise to 13.7 ringgit per mmBtu from 10.7 ringgit, they said.

Source: http://af.reuters.com/article/energyOilNews/idAFKLA00255320110530