Malaysian fuel price review requires more time: Rafizi
The Malaysian government needs to take into account many factors, including the current financial capabilities and allocation for economic activities which have multiplier effects, economy minister Rafizi Ramli said.
“This is beyond the issue on the , but more importantly, the current economic situation,” Rafizi said, noting that with the current global crude oil price between US$83 to US$85 per barrel , some have said that the price of crude oil has dropped over the past four to five months. “Hence, when the global crude oil price has dropped, is it enough for us to lower the retail fuel price? Of course, for those who understand the oil and gas sector, [they] will be asking the question,” Rafizi said, adding that the government will have to study its financial capabilities before reviewing the retail prices of fuels.
Rafizi added that the formula for deciding the retail prices of fuels in Malaysia continues to be relevant, and that the formula should be retained as it takes into account the changes in global crude oil prices as well as the suitable ceiling price for fuel.
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