Gertak sends petition to PMO urging decrease in fuel prices

A petition was submitted to the Prime Minister's Office today, urging the government to reduce the prices of fuel, among other demands.

Gerakan Turunkan Harga Mintak (Gertak) in its petition also asked for a ceiling price of RM1.90 per litre for RON95 petrol to be set.

Other demands include stabilising the price of fuel and returning fuel subsidies.

The group also wants the weekly managed float system to be stopped and the "real alpha figure" to be revealed.

"We hope the prime minister will give due consideration to this petition by the rakyat," said the group.

Gertak also stated that the prime minister was aware of how the rising cost of living as well as the increase in the price of goods were due to the increase in prices of petrol and diesel.

The group further claimed that the weekly managed float system has not been set using a transparent and effective structure, pointing out how the frequency in the increase was 80 percent more than the decrease.

"The prime minister realises that RON95 petrol should be set at around RM1.90 per litre if the fuel subsidy of RM3 billion to RM4 billion a year is not cut by the government and the real alpha figure is used taking into account the price of crude oil which is around US$50 to US$60 per barrel."

Last week, the price of petrol and diesel finally declined after six weeks. Fuel prices hit new highs in prior weeks since the implementation of the weekly managed float system.

The system was implemented on March 30.

The weekly fuel prices are determined by global oil prices based on the Mean of Platts Singapore (MOPS) and the ringgit's strength against the US dollar.

However, Treasury secretary-general Irwan Serigar Abdullah had said the government still provided some subsidies to avoid a huge swing in prices.- Mkini