Mechanism on fuel prices to be announced tomorrow (Jan 4)

Inflation mainly driven by additional pressure from the switch to targeted fuel subsidies, continued spillover effects from the reintroduction of the Sales and Service Tax and low-base effects during the three-month zero-rated Goods and Services Tax period.

KUALA LUMPUR: The Cabinet has reached a decision on the mechanism on fuel prices and it will be announced on Friday (Jan 4).

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail, who said this on Thursday (Jan 3), however, remained tight-lipped on the form of mechanism that was decided by the Cabinet.