No plan to reduce petrol price to RM1.50 per litre

February CPI was also affected by the drop in the transport group as fuel prices slipped.

KUALA LUMPUR (Bernama): The Government does not plan to reduce the price of petroleum to RM1.50 per litre, unless the world price of crude oil price drops to that level, Deputy Finance Minister Datuk Amiruddin Hamzah told the Dewan Negara on Wednesday (Sept 12).

He said it was also because such a plan (to reduce oil price to RM1.50 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 Datuk 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 RM1.50 per litre, as promised by Pakatan in its election manifesto.

Amiruddin said the subsidy for RON95 petrol borne by the Government for the period between May and June this year was RM1.667bil.

The Government, he said, still maintained the retail price of RON95 petrol and diesel at RM2.20 and RM2.18 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 125cc and below and cars with 1300cc and below, he added. - Bernama