No rise in RON 95 petrol price for now

(Bernama) – The government will not increase the price of RON 95 petrol for the moment so as not to burden the people.

Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said, however, there was no guarantee that the RON 95 price, now at RM1.90 per litre, would not increase in future in view of the turmoil in some of the oil-producing countries, pushing the oil price up.

He was earlier asked to comment on the 20-sen increase of RON 97 petrol to RM2.70 per litre from last night following the increase in world crude oil price to US$114 per barrel this week from US$105 last week.

“There is no guarantee that the price of any product in this world will not go up, including those previously assured of no rise. The government is now paying a subsidy of 79 sen per litre, amounting to RM4 billion a year,” he said after opening the Bank Rakyat annual general meeting today.

The minister said the subsidy increase was more than the limit of 30 sen stated by the government before and that the excess would be borne by consumers.

Asked whether the petrol price hike would push up the price of other goods, he said there was no reason for this as most lorries were using diesel and not RON 97.

He also said that the people should not be too dependent on government subsidies as such an attitude could stifle government’s development efforts, especially for those in the rural areas.

“The public should ask themselves whether the RM4 billion should go to fuel subsidy each year or to development projects.”

On the opening of shops selling foodstuff at discounted prices, he said a working committee had been formed to discuss the matter in depth.

“We will also discuss the matter with various quarters including traders, on the kinds of daily necessities to be sold, which shops to be used, and so on,” he said.

Yesterday, Prime Minister Datuk Seri Najib Tun Razak said the government was studying whether to open shops selling foodstuff at discounted prices to help the people face inflation. — Bernama