KUALA LUMPUR, July 6 — The government could not simply reduce the price of RON95 petrol although the world price of crude oil has dropped, said Domestic Trade, Cooperatives and Consumerism Minister, Datuk Seri Ismail Sabri Yaakob.
He said the government needed to study the matter first before making a decision to reduce the price of RON95 as it was subsidised fuel.
“The government can only reduce the RON95 price if the government bears no subsidy at all for this fuel,” he said after opening the Franchise International Malaysia Exhibition 2012 (FIM2012) at the Putra World Trade Centre, here, today.
The price of RON95 is RM1.90 per litre inclusive of government subsidy of 53 sen.
Ismail Sabri (picture) said the government had until now, borne RM6.6 billion in subsidies for RON95.
As for RON97 petrol, he said the government managed to reduce the price following a drop in the world crude oil price because RON97 was not subsidised fuel, but that the price is determined through controlled floatation whereby the monthly price would change according to the world market price.
“I hope the public will understand that if the price of RON97 drops, it does not mean the price of RON95 should drop too,” he said.
The retail price of RON97 was reduced by 20 sen per litre to RM2.60, effective July 5.
On Opposition Leader Datuk Seri Anwar Ibrahim promising to reduce the price of petrol if the opposition is able to capture Putrajaya in the coming 13th general election, Ismail Sabri said, “He can promise anything. (For him), it’s easy to make promises, even that everything will be free.” — Bernama
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