KUALA LUMPUR: The Government has agreed to review fuel prices every 15 days instead of every month, said Housing and Local Government Minister Datuk Seri Ong Ka Chuan.
He said with this, the Government would be able to further reduce fuel prices if global oil prices continued to drop.
Ka Chuan, who said he proposed the review period, said the decision was made during a Cabinet meeting on Friday.
“If this down trend of oil prices continue, we want to be able to make sure we can ease the burden of the rakyat by lowering fuel prices,” he told a press conference after attending the Utar Seventh Convocation ceremony, where he presented some 500 graduates with their accolades.
He said the mechanism, however, would take into consideration oil prices within a 15-day period and then only determine whether any reduction was viable.
Ka Chuan said it did not necessarily mean that fuel prices would drop if global oil prices went down.
He said global oil prices could fluctuate significantly within the 15-day period, making it hard to make a “guarantee” to reduce fuel prices.
He said the Government would have to take into consideration the extent of the drop or increase in prices before making a decision.
“Rest assured, however, petrol prices would never exceed RM2.70 a litre if global oil prices increase again,” he said.
Ka Chuan, who is also MCA secretary-general also stressed that the 15-sen reduction in fuel prices was not made to woo voters in the Permatang Pauh by-election on Aug 26.
He said the move was made after considering fuel prices between Aug 1 and Aug 21.
Earlier stories:
Government decides to bring forward ‘floating’ price mechanism
Najib: No more fuel rebates if you don't appreciate them
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