We have theoretically studied the effects of quantum coherence in a driven quasi-degenerate two-level atomic system. We have shown that the quantum interference, which can be destructive or constructive, can be controlled by an externally applied magnetic field allowing one to implement both electromagnetically induced transparency and electromagnetically induced absorption in the same atomic system. Determined by frequency dispersion of the index of refraction of the system, the group velocity of light pulses ranges from ultra-slow to superluminal with changing of the magnitude of the magnetic field.