Govt to maintain float system in fixing fuel prices


Dateline 2017-11-11, FMT:

The retail prices of fuel will be maintained on a managed float system based on the world price of crude oil which is currently trading at US$63 per barrel, Second Finance Minister Johari Abdul Ghani says.

He said in 2008, the world crude oil price reached US$140 per barrel and RON 95 then was retailed at RM2.70 per litre compared with RM2.31 per litre now.

“When it comes to a stage where we have to have a discussion, we will discuss it. As for now, we have to remember that it was US$140 per barrel before,” he told reporters at the Kampong Bharu Food and Arts Festival 2017, organised by Kampong Bharu Development Corporation here today.

Johari, who is also Titiwangsa MP, said although the fluctuating price of crude oil was beyond the government’s control, it could still monitor the situation and distribute the 1Malaysia People’s Aid (BR1M) to prevent the lower income group from falling into poverty.

 

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