Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad said it would depend on whether or not the government would need to generate revenue from fuel, with the looming global economic crisis.

The National Economic Action Council (NEAC), which includes Deputy Prime Minister and Finance Minister Datuk Seri Najib Razak, will deliberate on this on Dec 1.

"If my prediction that Malaysia will be barely affected by the economic crisis as compared with the United States is proven to be otherwise next year, the revenue generated from fuel will definitely come in handy for the government," said Shahrir.

He said the government could make a profit if a floor price mechanism was decided on at the NEAC meeting and if global crude oil prices continued to decline from the current US$55 (RM199.25) per barrel.

Petrol is currently retailing at RM2 per litre nationwide, 40 sen more than the actual global market price, which is RM1.60 per litre.

The floor price for fuel was RM1.92 before the massive hike in June.

Shahrir also announced that inflation fell to 7.6 per cent in October with the consumer price index (CPI) recording a decrease of 0.4 per cent compared with the previous month.

He attributed this decline to the reduction in the price of petrol and diesel announced for the third time by the government, effective Oct 15.

He said, compared with the previous month, the decreases were found in two main groups, namely transport (-3.6 per cent) and alcoholic beverages and tobacco (-0.1 per cent ).

The government has cut its 2009 growth forecast to 3.5 per cent from its initial target of 5.4 per cent, amid the global financial crisis.

The government also revised its GDP forecast for this year downwards to five per cent.

Finance Minister Datuk Seri Najib Razak was reported as saying that the inflation rate was expected to average between three and four per cent next year if world crude oil prices continued to drop.