Falling global oil price has led to calls on Putrajaya to revise the current prices for RON95 petrol and diesel. – The Malaysian Insider file pic, December 19, 2014.
The retail price of RON95 and diesel may go below RM2 a litre from January 1 next year if global oil prices continue to fall, said Deputy Finance Minister Datuk Ahmad Maslan.
He said based on the first 18 months of December when the average price of these two fuels had fallen below RM2 a litre, retail prices could be fixed lower if the trend continued.
"If the downtrend in global oil prices continues over the next ten days to come, I am confident, RON95 and diesel can be fixed at below RM2 a litre," Bernama quoted him as saying in Rembau, Negeri Sembilan, where he was giving a briefing on the Goods and Services Tax (GST), today.
The retail price of RON95 is RM2.26 a litre while diesel is fixed at RM2.23.
Ahmad said with the decline in oil prices, businesses and companies would reduce prices of their products.
He said the Ministry of Domestic Trade, Cooperatives and Consumerism would take action if the companies refused to bring down their prices.
On the GST, Ahmad said the government had conducted 500 programmes to spread awareness about the tax throughout the country.
"I am urging the Customs Department to complete all the GST programmes by February," he said.
- TMI
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