Ismail Sabri added that according to Pemandu’s subsidy rationalisation plan, there would be a revision every six months for subsidies on all products, saying that diesel, LPG and RON95 prices were revised last December and therefore a revision was now due.
“This means that a mid-year revision will be carried out this month or early June. I can’t say what will happen, but the revision will take place and the government’s subsidy burden is high,” he told reporters, who posed the question about the status of RON 95 pricing following the increase of RON 97 recently to RM2.90.
He said that although he had previously stated that petrol prices would not go up at the moment, that wasn’t a guarantee that petrol prices would stay the same forever, since the government was already burdened with subsidies for petroleum products.
“Last year, the government’s subsidy for petroleum products was RM8bil when world fuel prices shot up, and we don’t see signs that it will drop. If this continues, the government will bear RM18bil in subsidies this year, an increase of RM10bil,” he stated, adding that if subsidies were reduced, the RM10bil could be used to build more schools, housing projects, educational aid and village roads.
© 2011 Paul Tan's Automotive News. All Rights Reserved.
This story originally appeared on Paul Tan's Automotive News on Wed, 18 May 11 00:31:45 +0000.
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