A cabinet minister today said that rising oil prices would have a limited effect on Malaysia's inflation rate as crude prices broke past US$52 per barrel.

"Very minimal," Economic Planning Minister Mustapa Mohamed said when asked what impact high fuel prices would have on consumer prices.

"We have submitted the findings of a study to cabinet and we are doing some further refinement to the study," he told reporters on the sidelines of an Organisation of Islamic Conference (OIC) business forum.

Malaysia last week raised prices of petrol, diesel and gas for the second time in four months due to spiralling crude oil prices in the global market.

However, Mustapa said he did not expect a further price increase in petrol.

When asked if Malaysia would review its economic strategies, he said: "We constantly monitor, it's something that we do everyday. There's no need for any further review," he said.

"At this point in time, it does not appear that the world economy is heading for a slowdown," he added.