Rafizi: Najib committing economic suicide

He says economic development is at risk with increases in toll rates and oil prices and the reduction of purchasing power.

PETALING JAYA: PKR Secretary-General Rafizi Ramli claims that future increases in toll rates as well as light rail fares, coupled with the current fuel prices, would put the development of the national economy at risk.

At a press conference today, he explained that with foreign investors already pulling out their money, the country was increasingly relying on domestic consumption.

He said it would thus be “suicide” for the Najib administration to continue to reduce the public’s purchasing power.

He disclosed that the Pakatan Harapan Economic Committee was proposing mechanisms for maintaining the current toll rates and reducing fuel prices.

The committee proposes that Works Minister Fadillah Yusof renegotiate with toll concessionaires and offer them the first right of refusal on future highway projects at a reasonable profit rate in exchange for the current toll rates.

“The concessionaires don’t have to worry about a decreased profit margin because they will have the potential to be involved in future highway projects,” said Rafizi.

He added that with this mechanism the concessionaires might not get the profits they were seeking but would have revenue in a steady stream.

As for the mechanism to decrease fuel prices, the committee is suggesting that the government remodel the oil pricing system, changing the reference currency from US dollars to the ringgit.

“Since the 1980s, Barisan Nasional has used the reference price from Singapore in USD when more accurate information can be retrieved straight from oil companies in Malaysia,” said Rafizi.