Minister of Housing and Local Government Datuk Seri Ong Ka Chuan said the cabinet agreed on Friday to review the price of fuel sold in Malaysia every 15 days or twice a month instead of once a month. He did not say when this would start.
Pump prices would take into consideration the average price of fuel for the 15 days and after deducting a fixed subsidy (currently supposed to be at RM0.30 per litre) and the prices at the pumps will be adjusted accordingly.
He assured the rakyat that despite this new arrangement, the government would not revise prices to above RM2.70 per litre for RON97 fuel even if the situation calls for it. The government will simply increase the amount subsidised to keep it at a max of RM2.70.