Govt urged to impose ceiling price on petrol

PETALING JAYA: The government has been urged to impose a ceiling retail price on petrol and bear any additional cost with subsidies if the price goes above it.
PAS information chief Nasrudin Hassan Tantawi said this was necessary as the determination of fuel prices based on a managed float system would expose the public to continuous price hikes.
"The government should also review the formula for petrol and diesel price determination, factoring in the aspect of changes in global fuel prices, the country's reserves and inflation rate," he said today.
His statement came in light of the price increase in all fuel categories by 15 sen, putting it at its highest rate yet this year.
The new retail price for November for RON 95, RON 97 and diesel are RM1.95 per litre, RM2.30 per litre and RM1.90 per litre respectively.
Nasrudin said the price hike announced by the government was also not fitting as Malaysians continue to grasp the rising cost of living following the implementation of the Goods and Services Tax (GST) in April 2015.
Fuel prices are set on a managed float system beginning December 2014 following the removal of fuel subsidies by the government.