Fuel price decision next week

Sep 21, 08 5:26pm
Newly appointment Finance Minister Najib Abdul Razak will be making a decision next week if the present fuel price will be reduced or maintained.


This was revealed by Second Finance Minister Nor Mohamed Yakcop, who said that the decision will be made by Najib after attending an extraordinary briefing tomorrow by the ministry for their new boss.

nor mohamed yakcop second finance ministerNor Mohamed said that Najib will be briefed on the national economy and financial position as well as the global situation at the meeting.

“Tomorrow is the first time Najib is attending the meeting at the ministry as the finance minister and the ministry has prepared an extraordinary briefing for him,” Nor Mohamed was reported as saying by Bernama today.

On the fuel price, Nor Mohamed said: “This will also be discussed at the briefing and Najib will make the decision”.

He added that Najib, who took over the ministry from Prime Minister Abdullah Ahmad Badawi last week, would be given a briefing on various issues, which included the economic situation, finance and the challenges faced in Malaysia and in the international arena.

The Bernama report also quoted Nor Mohamed as saying that the briefing would also discuss whether the ringgit would be repegged to cushion off the impact of the weakening United States dollar against other currencies.

Media reports today quoted former prime minister Dr Mahathir Mohamad’s suggestion that the ringgit be repegged to reduce the impact of the weakening US dollar against the Malaysian currency.

Shahrir: cabinet will decide

While Nor Mohamed has said that Najib would be deciding on the fuel price, another Bernama report quoted Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad as saying that the matter would be discussed at the cabinet meeting on Wednesday.

shahrir samad pc 020508 shahrir samad“Next week’s meeting is the last before the Aidilfitri and hopefully there can be some good news for the people,” he was reported as saying yesterday.

Shahrir added that the matter needed to be weighed carefully before a decision was taken.

On Aug 23, the price of petrol was reduced by 15 sen from RM2.70 to RM2.55 and the government has promised to evaluate the pricing structure again at the end of this month depending on the world oil price.

World crude oil prices have fallen sharply in recent weeks.


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