(BERNAMA) Govt Monitoring World Oil Price Before Making Decision - Najib
PUTRAJAYA, Jan 30 (Bernama) -- The government would monitor projections of the world oil price stability in the next one year before deciding on the fuel price in the country, Datuk Seri Najib Tun Razak said Tuesday.
The Deputy Prime Minister, however, said this was not a guarantee that there would be a downward revision in fuel price.
"Don't misunderstand. I do not mean we will lower fuel price. It's up to the Cabinet to decide.
"But we want to look at the market price of oil first. If oil price has stabilised, we want to see the projections in the next one year, only then we can make a decision," he told reporters after chairing the National Minerals Council meeting.
He was responding to reporters' queries on the slide in the world crude oil price. On Friday, crude oil price was US$56 a barrel.
Najib said the government needed to keep tabs on the world oil price projections due to uncertainties in the short-term development in oil price though the price had come down now.
"Let us decide when we are sure of the short-term behaviour of the oil price," he added.
Najib said the government would maintain the current oil price as it would affect the government's fuel subsidy.
Asked on the impact if the government reduced the current fuel price without keeping track of the world's sliding oil price trend, he said the government's fuel subsidy would remain high.
The government raised retail price of petrol and diesel by 30 sen a litre and liquefied petroleum gas also by 30 sen a kilogramme on Feb 28 last year when world oil price soared to US$62 a barrel.
Following the upward revision, the retail price of premium petrol (RON97) in Peninsular Malaysia went up to RM1.92 a litre, RON92 petrol to R1.88 a litre, diesel RM1.581 a litre and LPG RM1.75 a kilogramme.
Asked whether local carriers would cut fuel surcharges following the slide in jet fuel price as other regional carriers had done so, Najib said: "It is up to the Transport Ministry to make recommendations to the Cabinet after discussing with the local carriers."
On today's meeting, Najib said it agreed to standardise the rate and formula for calculating royalties for minerals in the states.
Currently, the rate and formula used to calculate royalties differ from one state to another.
On the national mineral reserves, Najib said there were 106 tonnes of gold deposits worth about RM3.2 billion in Pahang, Kelantan, Johor, Negri Sembilan, Sabah and Sarawak.
-- BERNAMA
The Deputy Prime Minister, however, said this was not a guarantee that there would be a downward revision in fuel price.
"Don't misunderstand. I do not mean we will lower fuel price. It's up to the Cabinet to decide.
"But we want to look at the market price of oil first. If oil price has stabilised, we want to see the projections in the next one year, only then we can make a decision," he told reporters after chairing the National Minerals Council meeting.
He was responding to reporters' queries on the slide in the world crude oil price. On Friday, crude oil price was US$56 a barrel.
Najib said the government needed to keep tabs on the world oil price projections due to uncertainties in the short-term development in oil price though the price had come down now.
"Let us decide when we are sure of the short-term behaviour of the oil price," he added.
Najib said the government would maintain the current oil price as it would affect the government's fuel subsidy.
Asked on the impact if the government reduced the current fuel price without keeping track of the world's sliding oil price trend, he said the government's fuel subsidy would remain high.
The government raised retail price of petrol and diesel by 30 sen a litre and liquefied petroleum gas also by 30 sen a kilogramme on Feb 28 last year when world oil price soared to US$62 a barrel.
Following the upward revision, the retail price of premium petrol (RON97) in Peninsular Malaysia went up to RM1.92 a litre, RON92 petrol to R1.88 a litre, diesel RM1.581 a litre and LPG RM1.75 a kilogramme.
Asked whether local carriers would cut fuel surcharges following the slide in jet fuel price as other regional carriers had done so, Najib said: "It is up to the Transport Ministry to make recommendations to the Cabinet after discussing with the local carriers."
On today's meeting, Najib said it agreed to standardise the rate and formula for calculating royalties for minerals in the states.
Currently, the rate and formula used to calculate royalties differ from one state to another.
On the national mineral reserves, Najib said there were 106 tonnes of gold deposits worth about RM3.2 billion in Pahang, Kelantan, Johor, Negri Sembilan, Sabah and Sarawak.
-- BERNAMA
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