Home / Business & Finance / MALAYSIA HAS NO PLAN TO REDUCE PETROL PRICE TO RM 1.50 (USD 0.36) PER LITRE

MALAYSIA HAS NO PLAN TO REDUCE PETROL PRICE TO RM 1.50 (USD 0.36) PER LITRE

KUALA LUMPUR, Malaysia, Sept 12 (NNN-BERNAMA) – The government does not plan to reduce the price of petroleum to RM 1.50 (US 36 cents) per litre, unless the world price of crude oil drops to that level, Deputy Finance Minister, Amiruddin Hamzah told the Dewan Rakyat (Parliament), today.

He said, it was also because such a plan (to reduce oil price to RM 1.50 per litre) was not contained in the Pakatan Harapan’s manifesto for the 14th general election. He said this, in response to an oral question from Senator Ng Chiang Chin, during the question and answer session in the Senate.

Ng wanted to know the amount of oil subsidy and plans by the government to reduce the oil price to RM 1.50 per litre, as promised by Pakatan Harapan in its election manifesto.

Amiruddin said, the subsidy for RON 95 petrol borne by the government for period between May and Jun, this year was RM 1.667 billion. The government, he said, still maintained the retail price of RON 95 petrol and diesel at RM 2.20 and RM 2.18 per litre respectively, although their actual market price was higher.

He said, a detailed mechanism on the implementation of a targeted petroleum subsidy system was being worked out, and an announcement on it would be made after the matter had been finalised.

The subsidy will be given to those eligible, for use of motorcycles of 125 cc and below, and cars with 1300 cc and below, he added.NNN-BERNAMA

Source: NAM News Network

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Home / Business & Finance / MALAYSIA HAS NO PLAN TO REDUCE PETROL PRICE TO RM 1.50 (USD 0.36) PER LITRE

MALAYSIA HAS NO PLAN TO REDUCE PETROL PRICE TO RM 1.50 (USD 0.36) PER LITRE

KUALA LUMPUR, Malaysia, Sept 12 (NNN-BERNAMA) – The government does not plan to reduce the price of petroleum to RM 1.50 (US 36 cents) per litre, unless the world price of crude oil drops to that level, Deputy Finance Minister, Amiruddin Hamzah told the Dewan Rakyat (Parliament), today.

He said, it was also because such a plan (to reduce oil price to RM 1.50 per litre) was not contained in the Pakatan Harapan’s manifesto for the 14th general election. He said this, in response to an oral question from Senator Ng Chiang Chin, during the question and answer session in the Senate.

Ng wanted to know the amount of oil subsidy and plans by the government to reduce the oil price to RM 1.50 per litre, as promised by Pakatan Harapan in its election manifesto.

Amiruddin said, the subsidy for RON 95 petrol borne by the government for period between May and Jun, this year was RM 1.667 billion. The government, he said, still maintained the retail price of RON 95 petrol and diesel at RM 2.20 and RM 2.18 per litre respectively, although their actual market price was higher.

He said, a detailed mechanism on the implementation of a targeted petroleum subsidy system was being worked out, and an announcement on it would be made after the matter had been finalised.

The subsidy will be given to those eligible, for use of motorcycles of 125 cc and below, and cars with 1300 cc and below, he added.NNN-BERNAMA

Source: NAM News Network

Check Also

MALAYSIA: MINISTRY TO MOUNT PALM OIL AND RUBBER MISSION TO N. AFRICA, COLOMBIA

KUALA LUMPUR, Malaysia Sept 21 (NNN-Bernama) -- Deputy Primary Industries Minister Shamsul Iskandar Mohd Akin will lead a palm oil and rubber economic and investment mission to Egypt, Morocco and Colombia from Sept 21-29, 2018. The mission delegation w...