PUTRAJAYA, Sept 26 (Bernama) — Good governance and effective economic policies have enabled Malaysia to lower the price of RON95 petrol to RM1.99 per litre, easing the burden on the people compared with other countries, including oil producers, said Prime Minister Datuk Seri Anwar Ibrahim.
He said the announcement of the price reduction had received a positive response from the public, although there were also criticisms and counter-proposals that the government would review from time to time.
“And we have just announced the reduction in the price of RON95, and thank God, the public’s response has been good. Although, as usual, there are some who offer criticism or suggestions, we will carefully consider everything.
“But we must start by understanding why only a few countries are able to continue subsidy-targeting programmes to reduce the burden on the people,” he said when addressing at the Ministry of Finance Staff Assembly here today.
Anwar noted that although Saudi Arabia, as a major oil producer, once offered prices as low as 50 sen per litre in 2013, petrol prices there have since surged to between RM2.60 and RM2.90 per litre, while Qatar, also an oil and gas producer, has set prices higher than Malaysia.
“The answer is because we started with good governance. Here, I would like to express my gratitude to Minister of Finance II, the Deputy Minister, Secretary-General of Treasury, and all my colleagues who have carried out their responsibilities well,” he said.
According to him, the reduction in RON95 petrol prices was made possible only after the government had implemented significant policy reforms, including more transparent tenders, measures to prevent leakages, efforts to combat corruption, and the introduction of a new economic policy that inspires confidence.
“Initial estimates suggested potential savings of up to RM8 billion or RM10 billion. However, we believe we should not pursue measures that cause divisions or fail to affect oil and commodity prices,” he said.
— BERNAMA
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