It’s a GOOD NEWS for now since the crude oil price goes down almost every day and because the Government has decided on the floatation mechanism to determine fuel prices. Domestic, Trade and Consumer Affairs minister Datuk Shahrir Samad announced this here today. He had said then that consumers should brace for the decision of having a managed floatation mechanism for oil prices based on market rates and the Government would also continue to make monthly or twice weekly reviews of global fuel prices and adjust pump prices accordingly.
Shahrir also had said many aspects had to be looked into before finalising the issue, including generating revenue for the Government and providing stronger purchasing power to consumers. He had said if consumers were keen on the Government to have a free float mechanism, they may want it now as oil prices were down and would not be happy when prices go up.
Consumers also will not pay more than RM2.70 per litre for petrol next year even if global prices of crude oil escalate as the Government had decided on the ceiling price during last week’s Cabinet meeting.
Follow me on Twitter 
Bebelan….