Prime Minister Datuk Seri Abdullah Ahmad Badawi said in a statement Friday that the Government had fixed the subsidy to 30 sen per litre and will not increase the price to more than the present RM2.70 per litre this year.
The new price for petrol will be decided on the first of every month from now on. It will be based on prices of gasoline and not crude oil.
However, the new move does not cover the prices and subsidy for diesel, which is about 80 sen per litre. World gasoline price was at US$129.19 per litre Friday. If the Government were to readjust the petrol prices immediately, pump prices will go down by 6 sen.
I got a mixed feeling about this..... skeptical, unbelieved, glad, hopeful. Whatever the reason the government came out this ideal, it actually sound logical, acceptable and workable. I was informed Singapore does it, adjusting the petrol prices according to global market price. Why on earth they didn't figure it out earlier? Sigh.......