JOHOR BARU: There is a possibility that the price of petrol would revert to the old price of RM1.92 a litre which motorists had enjoyed before the price hike in June.
He said after the petrol price hike in June, the government had fixed the subsidy at 30 sen per litre, providing a simple mechanism to decide on future pump prices.
"With a fixed subsidy, the retail price of petrol would reflect changes in the crude oil price," he said at the reopening of YKK (Malaysia) Sdn Bhd factory in Larkin Industrial Area after the completion of a renovation exercise.
Shahrir said another factor which would have to be considered was the exchange rate of the ringgit versus major world currencies.
Shahrir said theoretically if the price of crude oil went as low as US$72 a barrel, the price of petrol would be RM1.92, which was the old price before the 78 sen hike in June.
"Right now the crude oil price hovers around US$88 a barrel, thus a decision will be made at the end of the month by the cabinet for any possible price reduction at the pump," he said.
Asked about the impact from the recent petrol price reduction by 10 sen, Shahrir said it might not have been reflected by the prices of other items as there were many other factors involved in determining the prices of goods, such as foreign exchange.
"For some essential items that we produce domestically like cooking oil, the government is giving out subsidies to the manufacturers and for other items, the government will try to minimise the cost of transportation by giving fuel subsidies," he said.
WHAT A LOAD OF BULLSHITS!
Now he said The Government cannot bring the prices of Pump Petrol DOWN more than 15cent!
What the use he brought up this subject in the 1st place? If the Crude Oil is hovering below USD72...Now USD 64!!! What kind of statements he intend to bluff us NOW!!!
We can only PONDER!!!
Who else can HELP us with a Logic Answer ............. Anyone out there???
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