IPOH: The Government will review the prices of all petroleum products, including RON95 petrol, next month, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob.
He said the revision, to be conducted by the ministry and other agencies such as the Finance Ministry and the Performance Management and Delivery Unit (Pemandu), would determine whether prices should be maintained or increased.
“According to Pemandu's subsidy rationalisation plan, there will be a revision every six months for subsidies on all products.
“The last revision we had for diesel, LPG and RON95 was in December.
“This means a mid-year revision will be carried out this month or early June.
“I can't say what will happen but the revision will take place,” he said after launching the Ipoh Umno delegates meeting here yesterday.
The price of RON97, which was floated according to the global oil price, was recently increased to RM2.90 per litre following the Middle East crisis.
The price of RON95 increased by five sen to RM1.90 per litre in December.
Ismail Sabri said although he had stated that petrol prices would not go up at present, there was no guarantee that this would remain the same because the Government was already burdened with subsidies for petroleum products.
“Last year, government subsidy for petroleum products was RM8bil when world fuel prices shot up.
“We don't see signs that they will drop.
“If this continues, the Government will bear RM18bil in subsidies this year,” he said.
Earlier in Putrajaya, he said the Government could save RM659.3mil this year by removing diesel subsidy for commercial vehicles, including deep sea fishing boats from June 1.
“The industry will no longer be able to purchase diesel at the subsidised rate of RM1.48 per litre but will have to pay the RM1.80 pump price,” he said, adding that the removal was part of the subsidy rationalisation plan.
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