If the response of Domestic Trade and Consumers Affairs Minister Mohd Shafie Apdal is anything to go by, consumers had 'sufficient' notice ahead of the latest increase in fuel prices that took effect last Sunday.

Responding to a malaysiakini question at a press conference today after officiating the National Consumer Convention 2005, the minister said with a smile: "I think a couple of hours should be sufficient ... this was (intended) to prevent hoarding."

Pressed on the impact on the cost of goods and services, he said: "When the government decides on a certain step, such as (to increase the price of) diesel, petrol or other (items), it (would not have an unreasonable impact) on the price of goods in the market."

When asked if there would be another oil price increase in the next six months, he replied: "I don't want to make any commitment on that."

The price of petrol was increased by 10 sen to RM1.62, while diesel price went up by 20 sen to RM1.281. It was the fifth increase in fuel prices since May last year.

The last price hike was three months ago when the cost of petrol went up by seven percent with diesel costing 23 percent more. The price of diesel had been increased by five sen in March. Last year, the price of petrol was increased twice - by two sen on May 1 and five sen on Oct 1.

The price of diesel - the fuel used by major transportation companies - has increased by a whopping 68.3 percent since May, 2004, while petrol is up by 20 percent.

These moves come under the government's policy to gradually reduce subsidies in the wake of record global crude oil prices.

'Be smart consumers'

Shafie also told reporters that merchants should have a sense of responsibility and refrain from profiteering at the expense of consumers.

He said any increase in the price of goods should be of a 'reasonable kind of level', but conceded that it would not be easy for the authorities to determine the percentage of increase for various items.

According to Shafie, the ministry is monitoring large retail premises such as supermarkets to ensure the prices are reasonable.

"The public should make smart comparisons. If items are expensive, go to other places. I'm quite sure there are cheaper goods in other places," he said.

Earlier, addressing some 300 participants at the launch of the convention, he spoke on the concept of responsible consumerism.

He observed that changes in consumer habits are driven by competition, technological innovation, financial imperatives and public and private sector policies.

Shafie also said that consumerism today rests on the fundamental principle that 'self-protection is the best protection'.

The two-day convention, jointly organised by the ministry and Federation of Malaysian Consumers Associations (Fomca) was in conjunction with National Consumer Day 2005 which is celebrated annually on July 26.

Also present were the ministry's deputy minister S Veerasingam and secretary-general Talaat Hussin and Fomca CEO Indrani Thuraisingham.