No decision on fuel prices
Weekly float system put on hold as govt reviews it
PUTRAJAYA: The Cabinet has yet to decide on fuel prices.
The weekly float system, which was supposed to start from Jan 1, has been put on hold as the government reviews it.
Yesterday, the Cabinet was supposed to discuss and make a decision on the issue at its first meeting of the year.
But as at press time, no statement has been issued on the matter.
Officials from the Prime Minister’s Office and the Finance Ministry said they did not get any directive to come out with a statement.
So motorists will have to continue paying the current fuel prices for now.
Finance Minister Lim Guan Eng had said a weekly float system would be used to determine RON95 fuel price from Jan 1 due to the falling prices of crude oil, which will allow consumers to enjoy lower prices faster.
But on Monday, the government announced that the retail prices of fuel would remain unchanged for the first week of 2019.
The prices of RON97, RON95 and diesel remain at RM2.50, RM2.20 and RM2.18 per litre respectively until the government sets new retail prices.
Earlier yesterday, petrol dealers met with Tun Dr Mahathir Mohamad to highlight their concerns over the weekly float system.
They also presented their proposal for consideration to ensure they would not suffer losses should the government continue with its plan.
Petrol Dealers Association Malaysia (PDAM) president Datuk Khairul Annuar Abdul Aziz said the meeting was held before the Prime Minister chaired the Cabinet meeting.
“We were told that the Cabinet will discuss and decide on the petrol issue,” he told reporters after the PDAM delegation held a 45-minute meeting with the Prime Minister.
Khairul Annuar said the association explained to Dr Mahathir the problems they would face should the proposed weekly float be implemented.
“The Prime Minister seems to understand our predicament. We are hoping for a favourable outcome,” he said.