The new Pakatan Harapan government will end current fluctuations to fuel prices at the pumps, which is now based on the global market, said Prime Minister Dr Mahathir Mohamad.
"What we have decided is that there will be no more fluctuations, changes every week.
"This is disruptive to business, both the buyers and sellers," he said during a press conference at the Bersatu headquarters in Petaling Jaya after chairing a Harapan presidential council meeting today.
"So now the price is static. If we have to subsidise we will subsidise," he said.
The former BN government had introduced the managed float mechanism in December 2014 after it cancelled fuel subsidies.
[More to follow] -Mkini
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