PUTRAJAYA: The price of RON95 petrol under the Budi95 targeted fuel subsidy mechanism will remain at RM1.99 per litre, says Datuk Seri Anwar Ibrahim.
The Prime Minister said this was decided following the Cabinet meeting yesterday, as the government wanted to protect Malaysians from the full impact of petrol price hikes due to the ongoing Middle East conflict.
“I told the Cabinet to maintain the price of Budi95 for the people. It is a difficult decision.
“But RON95 will be maintained at RM1.99 per litre even though market prices are far higher,” Anwar said at a special press conference at the Prime Minister’s Office.
Anwar assured Malaysians that data from PETRONAS found that the country had enough petroleum supplies to help the country weather the effects of the Middle East conflict until May this year.
“Surely, it is a different situation for many other countries,” he said, adding that the market price for petrol in neighbouring countries is up to three times higher than in Malaysia.
Anwar said that on March 9, the price of Brent crude oil spiked to US$119 (RM466) per barrel and was at around US$90 (RM352) the following day.
“This is a drastic increase which could cause economic effects, especially to countries importing and producing oil.
“But, thanks to the management of PETRONAS and the country, we were able to ensure adequate fuel supplies and maintain the price at RM1.99 per litre,” he said.
Meanwhile, Anwar said Deputy Prime Minister II Datuk Seri Fadillah Yusof will chair a committee to address diesel smuggling activities in Sabah and Sarawak.
“I have instructed the DPM to work with the Domestic Trade and Cost of Living Ministry to ensure thorough monitoring and sterner action against those who try to take advantage and smuggle (diesel).”
Anwar said a special committee, chaired by Finance Minister II Datuk Seri Amir Hamzah Azizan and which will also include the Economy Minister and related ministers, will look into the economic impacts of the Middle East conflict.
“So, the daily economic impact can be reported to the government leadership,” he added.
He said a special Cabinet meeting will be held tomorrow to address the rapidly unfolding international developments.
According to Anwar, the special Cabinet meeting will deliberate on the country’s fiscal position and financial position.
“We have been tested by crises before this. I am confident that with responsibility, cooperation from everyone, including the government, civil service and the private sector, we can address this issue tactfully,” he added.
Also present at the press conference was government spokesman and Communications Minister Datuk Fahmi Fadzil.
Fahmi said the formation of a special committee chaired by Amir Hamzah was agreed upon on Tuesday.
“The committee’s findings will be tabled in the special Cabinet meeting on Friday,” he said.
