Come June, the government will review prices of all petroleum products, including the RON95 petrol, before deciding to retain them or otherwise, Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said on Tuesday.
He said the price revision to be conducted by the ministry and other agencies such as the finance ministry and the Performance Management & Delivery Unit (Pemandu) would determine whether prices would be maintained or increased, depending on the government’s subsidies.
“Last year, the government’s subsidy for petroleum products was RM8 billion when world fuel prices shot up, and we don’t see signs that it will drop. If this continues, the government will bear RM18 billion in subsidies this year, an increase of RM10 billion,” he said.
He said, should subsidies be reduced, the RM10 billion could be used to build more schools, village roads, housing projects and educational aid. — Bernama
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