Housing and Local Government Minister Datuk Seri Ong Ka Chuan expects a drop in petrol prices next month following the current downward trend in global crude oil prices.
Ong, a member of the Cabinet’s anti-inflation committee, said this was only fair as the Government has had to explain to the people that it was unavoidable that petrol prices would go up when global oil prices surged.
“But if the price of crude oil should fall, then our petrol prices should drop too,” he told reporters before a ‘Guan Gong Puja’ ceremony at Tow Boo Keong temple here on Saturday night.
“We cannot have a situation where petrol prices increase only and not go down,” he added.
On Friday, Prime Minister Datuk Seri Abdullah Ahmad Badawi had announced that the petrol price would be reviewed monthly from Sept 1 based on the average global market price.
Empowerments and Rituals: Ong (in blue) holding a candle during the 'Guan Gong Puja' ceremony at Tow Boo Keong temple in Ipoh. Flanking him are Perak MCA lifelong learning action committee chief Alex Chan Chin Chee (left) and Thrangu Dharma Retreat Centre chairman Chuah Chin Kah.Abdullah had said that the new price would be decided on the first day of every month and that subsidy will be fixed at RM0.30sen a litre.
Ong gave his assurance of the Government promise that the petrol price would not exceed RM2.70 a litre.
“I feel there is a big possibility there will be a drop (in petrol price) in September, but it depends on the crude oil market in August.
“This is something we can look forward to,” he said, adding that the it would take about a month to adjust to the new system announced by the Government.
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