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Following Wednesday’s 20 sen price drop of RON 97 petrol to RM2.55 a litre, deputy finance minister II Datuk Chua Tee Yong has said that the government hopes luxury cars and vehicles with big-displacement engines would use the premium fuel, Bernama reports.

“Based on the data, the usage of RON 97 has been low but when it dropped by 20 sen, it will help the economy as fewer people will use RON 95. Less RON 95 usage means the government does not need to fork out more subsidies,” he said.

Echoing deputy finance minister Datuk Ahmad Maslan’s sentiments earlier this week, Chua also said that the government may consider adjusting the price of RON 95 petrol once global crude oil prices drop to US$70-75 (RM236-RM252) a barrel.

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“If the prices continue to drop then definitely the Finance Ministry will look into the possibility of whether to adjust the price for RON 95 again. If it drops below the certain price then there is no more subsidy to be paid,” the national news agency quoted him as saying. Brent crude oil dropped towards US$78 (RM262) a barrel on Wednesday.

Meanwhile, Maslan said today that the government cannot cut the price of petrol according to the requests of individuals or political parties. He added that the price can only be reduced if the global market price drops below the subsidised petrol price.

“Reducing the price of petrol is based on data and facts. If the Organisation of Petroleum Exporting Countries (OPEC) decides to reduce production, prices will increase,” he said. “If the price of petrol drops to below the subsidised price in the global market, I myself will suggest to Prime Minister Datuk Seri Najib Tun Razak to reduce the price of petrol.”