Prime Minister Dr Mahathir Mohamad on Wednesday indicated the government will soon increase the price of fuel to ease its subsidy burden.

"The price of petrol if it goes up will not be much," Mahathir, who is also the finance minister, was quoted as saying by Bernama news agency.

Muhyiddin Yassin, domestic trade and consumer affairs minister said Tuesday that consumers would be paying more for petrol, diesel and liquefied petroleum gas soon when the government started reducing its subsidies. But he added the subsidy would be cut in stages.

The government spends some RM6 billion annually on fuel subsidies annually.

Mahathir said the government used to subsidise domestic fuel prices through foreign sales of Malaysian oil but rising domestic consumption meant there was now little left over for foreign sales.

Petrol prices were last raised by 2.0 sen in May this year to RM1.32 a litre, after a 10 sen hike in October last year.