KUALA LUMPUR: The managed float system to maintain fuel oil prices in the country is one that the people have to get used to, while the government assuring that measures will be taken to cushion any drastic increase in price.
Prime Minister Datuk Seri Najib Razak gave this assurance in an interview on RTM's "Bicara Empat Mata" aired tonight, hosted by Datuk Aznil Nawawi.
"We need to let the people get used to the fluctuation of oil prices as in developed nations, the price of oil fluctuates on a daily basis," said Najib, in response to Aznil's questions over the constant issues raised over oil prices.
"We feel like we are floating the oil prices, but it is actually a managed float system. We have already announced that we can't afford to provide bulk subsidies, which is why we have a more focused subsidy system," he added.
A more focused subsidy system, Najib had explained in response to an earlier question, is in the for of Bantuan Rakyat 1Malaysia (BR1M) where the government has replaced expensive oil subsidies which had served to benefit the wealthy more than the needy, with one that serves directly the people in need.
However, Najib said, measures would be taken when needed to ease the burden of the people should oil prices escalate.
"If the price of oil goes up past the RM2.50 per litre mark for RON95, the government will take measures to help the people. That we have guaranteed," said Najib.